The expected value calculator helps you to really quickly and easily compute the expected value (or simple mean) of a discrete random variable X. It comes under the subject of probability and statistics.
You are required to enter all the known values of X and P(X) into the field given and hit the “Calculate” button to evaluate the expected value of X. If you click on the “Reset” button, it will clear the results and then you can enter new values.
So, the expected value is the value which you would probably expect to receive for a future average or mean in advance.
The formula for expected value for a set of numbers is nothing but the value of each number multiplied by the simple probability of each value occurring.
This formula, in statistical terms, is given by ∑ xp (x).
This formula states that for each corresponding x value in a group of numbers, if we multiply each x value by the probability of that value occurring, we will have calculated the expected value.
The probability can also be entered either in percent form or in decimal form. If you are using percent form, the user must obviously add the percent sign (%) at the end of the number. Or else, the calculator will assume the number is in decimal form by default.