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Expected value is actually the predicted value associated with a variable and its calculation is done by multiplying all the values with their probabilities and then summing them up. In the subject of statistics the concept of expected value is highly useful. Thus to excel with this topic you must grab Statistics Expected Value Assignment Help.
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Some useful highlights on the topic Expected Value
While studying the topic of probability you will definitely deal with the sub topic named Expected Value. When we talk about the expected value related to a random variable then it actually represents the long run average value based on the total number of repetitions in a particular experiment.
You can also call expected value by different names like EV, expectation, mean value, average etc. In other terms expected value of a variable is all the possible values that have been accounted for the probability weighted average.
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The calculation part
The calculation of expected value can be best explained with the help of an example. Let us take a simple case of rolling a die. So there are 6 numbers that are 1, 2, 3, 4, 5, and 6 and each number has an equal probability of occurrence i.e. 1/6. Thus the expected value will be calculated as follows-
(1×1/6) + (2×1/6) + (3×1/6) +(4×1/6) + (5×1/6) +(6×1/6) = 3.5
You should know that expected value can be calculated for single and multiple discreet variables and single and multiple continuous variables. Integrals will be used in the situation of continuous variable.
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Usefulness of the concept of Expected Value
Expected value is a highly useful concept to study for a number of reasons-
- It helps in characterizing the probability distribution.
- It is a kind of location based parameter.
- Expected value has a very important role to play in regression analysis.
- While studying decision theory you must have full knowledge about all the aspects of expected value.
- Expected value actually gives an anticipated value for a particular investment. Thus at the management level this concept is very helpful for deciding investment based strategies.
- The knowledge about expected value helps in making a fair decision where that situation is chosen which is bringing the desired level of outcome.
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