Expected Value Calculator | Mean of Discrete Random Variable
Calculate the expected value (mean) of a discrete random variable with our interactive online calculator. Visualize probabilities and understand expected outcomes in probability and statistics.
Input Data
Enter the possible values of the random variable and their corresponding probabilities. Separate each value and probability with a comma.
Possible outcomes, comma-separated.
Probabilities for each value, comma-separated.
Expected Value:
Calculation Breakdown
| Value (xᵢ) | Probability (P(xᵢ)) | xᵢ * P(xᵢ) |
|---|---|---|
| Total Expected Value |
Formula
Understanding Expected Value
Expected Value (or Mean) predicts the average outcome over many trials. For a discrete random variable, it\'s the sum of each outcome multiplied by its probability.
Formula: $$E(X) = \sum_{i=1}^{n} x_i P(x_i)$$, where \( x_i \) are values and \( P(x_i) \) are probabilities.
Use: Used in risk assessment, finance, and games to estimate average results. Helps in making informed decisions by predicting long-term averages.
Learn more about Expected Value on Wikipedia.