Uncover Average Outcomes with the Expected Value Calculator

Predict and plan smarter by calculating the expected value. Input your values and probabilities to visualize potential averages.

Dive into probability and statistics with this intuitive tool.

Enter Values and Probabilities

Input your random variable values and their corresponding probabilities below. Separate each value and probability with a comma.

Random Variable Values:

X =

Comma-separated values (e.g., 10, 20, 30)

Probabilities:

P(X) =

Comma-separated probabilities (e.g., 0.3, 0.5, 0.2)

Expected Value:

This value represents the average outcome if you were to repeat this scenario many times.

Visualizing Probability Distribution

Understanding Expected Value

Expected Value, often called the mean, is the predicted average value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrence. It's a cornerstone concept in probability and statistics, helping to forecast long-term averages from repeated trials.

$$ E[X] = \sum_{i=1}^{n} x_i P(X=x_i) = x_1P(x_1) + x_2P(x_2) + ... + x_nP(x_n) $$

This tool simplifies the calculation of expected value. Just input the possible values of your random variable and their probabilities. Ensure probabilities sum up to approximately 1 for accuracy. The visualization offers a clear bar chart of the probability distribution and highlights the expected value, making complex data intuitively understandable.

Further reading on expected value is available on Wikipedia.