Definition of expected value & calculating by hand and in Excel. Includes video. Find an expected value for a discrete random variable. For the expected value, you need to evaluate the integral ∫40yf(y)dy=∫y3(4 −y)64dy. Find expected value based on calculated probabilities.
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You may need to use a sample space. The expected value EV of a set of outcomes is the sum of the individual products of the value times its probability. Did this article help you? One natural question to ask about a probability distribution is, "What is its center? The more examples the better.
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Determine expected value Video
Calculating Expected values and Chi Squared Values