Probability theory
Expected value of three outcomes
Expected value of three outcomes is a statistical property of events or a data set.
FreeOnlineNo sign-up
E[X]=p₁x₁+p₂x₂+(1−p₁−p₂)x₃
- 01Given
- 02Calculation
- 03Answer
What it means
Expected value of three outcomes is a statistical property of events or a data set.
How it works and where it is used
Use this calculation for estimating the mean and spread of random variables in statistics and risk management.