Expected values
ID:CVEVS
Video Overview
"Expected value is a central principle in the theory of probability. It is used for average estimation of some random value. In statistics, the phrase expected value – abbreviated EV - represents the average value of any variable in the long run. Stated another way, the expected value is the mean or average value, that would be obtained from an infinite number of observations. The expected value is found by multiplying each numerical outcome by its probability and then summing over all possible outcomes. This tutorial explores ways in which the expected value can be determined."
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