Find expected value based on calculated probabilities. Definition of expected value & calculating by hand and in Excel. Includes video. Find an expected value for a discrete random variable. This article is about the term used in probability theory and statistics. For other uses, see Expected value (disambiguation). In probability theory, the expected value of a random variable, intuitively, is the long-run .. This is because an expected value calculation must not depend on the order in which the possible outcomes Definition · General definition · Properties · Uses and applications. This type of expected value is called an expected value for a binomial random variable. Expected value while fishing. Since Marvin is a monkey, he will be guessing on each question. This is sometimes called the law of the unconscious statistician. This is a relatively simple gambling game. Probability and Statistics In other languages: The expected value of a measurable function of X , g X , given that X has a probability density function f x , is given by the inner product of f and g:. According to the model, one can conclude that the amount a firm spends to protect information should generally be only a small fraction of the expected loss i. What is Expected Value? This property is often exploited in a wide variety of applications, including general problems of statistical estimation and machine learning , to estimate probabilistic quantities of interest via Monte Carlo methods , since most quantities of interest can be written in terms of expectation, e. I am having a hard time understanding where the information goes.