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Expected Value Calculator

How to use the expected value calculator?

Follow the steps below to use the expected value calculator:

Put all possible outcome values of “X” in the given box.
Put all the probabilities of an outcome “P (x)” in the below box.
To the expected value click on the “Calculate” button
To more inputs click on the “Reset” button.

x	P(x)	x × P(x)	Delete
∑x_i =	∑ P(x_i) =	∑x_i × P(x_i) =

This expected value calculator allows you to enter potential outcomes and associated probabilities to determine the expected value of a decision.

What is the Expected Value?

The expected value, also known as the mean value, is the total of all potential decision outcomes multiplied by each possibility's probability. Or to put it another way, it is the benefit you would anticipate if you repeatedly made the same choice under the same circumstances.