Expected Value Calculator

The Expected Value (EV) is the value that can be used at any time in the future. This value is sometimes referred to as the expectation, average, mean, or initial moment. The expected value calculator is an easy-to-find web tool. The calculator for the expected value of the random variable will compute your values and provide accurate results.

Enter number of random variable

Please note that sum of all probabilities(P(Xi)) must be in range of 0 to 1

X1
P(X1)

X2
P(X2)

 

Users can easily choose situations to achieve their desired results by calculating the expected value. Significant figures are not handled by the expected value formula calculator. Use the Sig Fig Calculator to calculate significant figures.

Expected Value Formula

The formula for the Expected Value Calculator is as follows:

To compute the expected value using an expected value formula calculator, multiply the variable's value by the probability of that value occurring. Finding the expected value is a simple skill to master.

This expected value formula is used by the calculator i.e. ∑(xi * P(xi)) = x1 * P(x1) + x2 * P(x2) + ... + xn * P(xn)

  • ∑ - The sum of all elements i;

  • xi - The value of a random variable;

  • P(xi) - The probability of value xi occurring; and

  • n - The number of all random variables.

How to Calculate the Expected Value?

The formula for calculating the expected value of an integer or a set of numbers is:

Expected value = sum of all conceivable outcomes * associated probability

EV=∑P(Xi)∗Xi

Expected Value of an Opportunity (EV) is a term used to describe the expected value of a business opportunity.

Probability P(Xi) = Probability P(Xi) = Probability P(Xi)

All Possible Outcomes (Xi)

This formula states that for each value of X in a set of numbers, we must multiply each value of x by the chance that that number will occur, and we can then calculate the expected value.

Why is it necessary to compute the Expected Value?

A random variable's Expected Value is always determined as the variable's centre of the distribution. This is the variable's long-term average value, which is most important. The Midpoint Calculator is the ideal alternative to attempt if you only need to find the centre number. For single discrete variables, single continuous variables, multiple discrete variables, and multiple continuous variables, Expected Value is determined. The expected value of x calculator can be used to determine the expected value of any variable.

Expected values are a set of numbers that determine the expected outcomes of probabilities, and the separate probabilities add up to 1 or 100 per cent. Also, remember that none of the probabilities for any set of numbers is greater than 1. This calculation is handled by the expected number calculator.

This is due to the fact that no event's probability can be larger than 100%. As a result, if any of the event probabilities exceed 1, the calculator displays an error notice. The entire possible result is always 100 per cent. As a result, there is no way for any event or the sum of all events to have a probability greater than 1.

To learn many such concepts similar to this try our arithmeticcalculator.com for free and clear all your ambiguities in one go.

How to find Expected Value Calculator?

You can simply locate a free expectation calculator online. The expected value for the random variable calculator can be found here. It is handy for calculating expected value and providing reliable results. Calculating probability and calculating expected value are both handled by the expected value probability calculator. This predicted number calculator is also available on our website without charge or subscription.

How do I calculate Expected Value using a Calculator?

This calculator calculates the expected value of a group of numbers or a single number based on the chance of that number or number occurring.

  • Step 1: Fill in the blank shaded boxes with all known values of Probability of x P(x) and Value of x.
  • Step 2: Numerically enter all values and separate them with commas.
  • Step 3: Select "Calculate" from the drop-down menu, and the results will show the expected value.

Benefits of Using an Expected Value Calculator

There are numerous advantages to using an expected value calculator probability distribution. 

  • Measures the Probability distribution of the centre.
  • Measure the long term investment in variables
  • Allows us to predict future outcomes 
  • Reducing the information to a single possibility/answer.

FAQs on Expected Value Calculator

1. How do you find out the expected value?

Simply multiply each value of the random variable by its probability and sum of the products to determine the expected value, E(X), or mean of the discrete random variable X. This is the formula: E (X) = μ = ∑ x P ( x ).

2. What is the value of a random variable's expected value?

The weighted average of all potential values of a random variable is the variable's expected value. The weight denotes the chance of the random variable taking a specific value.

3. How can you find out what your projected payoff will be?

To calculate the expected reward, multiply each possibility by your probability estimate, then add the results together. In our case, a 10% chance of a 5% fall results in a result of -0.5 per cent.

4. What is the formula for calculating expected frequency?

Expected Frequency = (Row Total * Column Total)/N.

The observed frequency is at the top of each table cell, whereas the expected frequency is at the bottom.

Expected value calculator