This Expected Value calculator calculates the expected value, or the mean in advance, of a number set or group of numbers. Definition of expected value & calculating by hand and in Excel. Includes video. Find an expected value for a discrete random variable. Calculator: Expected Value for a Binomial Random Variable. Skip Navigation Links Free Statistics Calculators: Home > Expected Value for a Binomial Random.
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Your explanations on here are clear cut and easy to follow. Was this calculator helpful? Two thousand tickets are sold. Comparing Two Groups Lesson What is the 'Expected Value' The expected value EV is an anticipated value for a given investment. Basic Expected Value Example To calculate the EV for a single discreet random variable, you must multiply the value of the variable by the probability of that value occurring.
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You can enter either integers 10 , decimal numbers Assign a value to each outcome. What is Expected Value? Search Course Materials Faculty login PSU Access Account. Send Me A Comment Comment: Nice job with the temp. The assigned value of each outcome will be positive if you expect to earn money and negative if you expect to lose.