|
Definition of Expected value
1. Noun. The sum of the values of a random variable divided by the number of values.
Exact synonyms: Arithmetic Mean, Expectation, First Moment
Category relationships: Statistics
Generic synonyms: Mean, Mean Value
Category relationships: Statistics
Generic synonyms: Mean, Mean Value
Definition of Expected value
1. Noun. (probability theory) Of a discrete random variable, the sum of the probability of each possible outcome of the experiment multiplied by the outcome value (or payoff). ¹
¹ Source: wiktionary.com