Statistics Expected Value - Duration: Brandon Foltz 59, views · CH 4 1 Probability. In this video, I show the formula of expected value, and compute the expected value of a game. The final. Knowing how to calculate expected value can be useful in numerical statistics, in You should either list these or create a table to help define the results. Use your list of all possible outcomes, and multiply each value times the probability of that value occurring. Back to Top Find an Expected Value for a Discrete Random Variable You can think of an expected value as a mean , or average , for a probability distribution. The EV for this gambling game is In a problem of random chance, such as rolling dice or flipping coins, probability is defined as the percentage of a given outcome divided by the total number of possible outcomes. You toss a fair coin three times. However, the EV does not very accurately predict one particular outcome on one specific test. Given a large number of repeated trials, the average of the results will be approximately equal to the expected value. Determine the probability of each outcome. The weights X of patients at a clinic in pounds , are: Theme Horse Powered by: Since it is measuring the mean, it should come as no surprise that this formula is derived from that of the mean. Thus, over time you should expect to lose money. Multiply the gains X in the top row by the Probabilities P in the bottom row. Figure out how much you could gain and lose. Not Helpful 1 Helpful 1. Search Course Materials Faculty login PSU Access Account.