Expected Value or MeanThe expected value or mean of a discrete distribution is the long-run average of occurrences. We must realize that any one trial using a discrete random variable yields only one outcome. However, if the process is repeated long enough, the average of the outcomes are most likely to approach a long-run average, expected value or mean value.
This expected value or mean is computed as follows:
The following video shows that the expected value of a random variable is similar to the population mean.
The following video will show the formula of expected value, and compute the expected value of a game.
The following video shows how to calculate the expected value of a binomial distributed random variable
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