# How to find expected value

The weighted average formula for expected value is given by multiplying each possible value Find the expected value of money you get for one roll of the die. How to Calculate an Expected Value. Expected value (EV) is a concept employed in statistics to help decide how beneficial or harmful an action might be. It looks as if the game is unfavorable, and we wonder how unfavorable it really is. . One way to determine the expected value of φ(X) is to first determine the.
Back to Top Calculate an Expected value in statistics by hand This section explains how to figure out the expected value for a single item like purchasing a single raffle ticket and what to do if you have multiple items. Soccer Apr 27, Probability - 2 Variables Lesson 5: Set this number aside for a moment. Therefore the complete formula looks like:. Expected value formula for continuous random variables. By calculating expected values, investors can choose the scenario most likely to give them their desired outcome. Using the probability distribution for number of tattoos, let's find the mean number of tattoos per student. Community Dashboard Random Article About Us Categories Recent Changes. Select the Correct Variable Type. Two thousand tickets are sold. The formula changes slightly according to what kinds of events are happening. This type of expected value is called an expected value for a binomial random variable. To log in and use all the features of Khan Academy, please enable JavaScript in your browser.