Expected Value:
The expected value of a random variable is nothing but the arithmetic mean. For a discrete random variable, the expected value is the weighted average of the possible values of the random variable, the weights being the probabilities that those values will occur. For a continuous random variable, the values of the probability density are used instead of probabilities, and the summation operator is replaced by the integral.
Planning on taking an introductory statistics course, but not sure if you need to start at the beginning? Review the course description for each of our introductory statistics courses and estimate which best matches your level, then take the self test for that course. If you get all or almost all the questions correct, move on and take the next test.
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