Expected Value Calculator
Calculate the expected value (weighted average) of a discrete random variable. Enter up to 6 outcomes with their probabilities to find E(X), variance, and standard deviation.
The expected value is the long-run average outcome of a random variable.
Formula: E(X) = Σ xᵢ × P(xᵢ)
Variance: Var(X) = Σ xᵢ² × P(xᵢ) - [E(X)]² = E(X²) - [E(X)]²
Requirements
- All probabilities must be between 0 and 1
- Probabilities should sum to 1
Applications: Decision analysis, gambling, insurance, investments, any scenario with uncertain outcomes.