The expected outcome, also known as the expected value, represents the average or mean value of a random variable. It is calculated by multiplying each possible outcome by its probability and summing them up.
Related terms
Variance: Variance measures how spread out or dispersed the possible outcomes of a random variable are around its expected value.
Law of Large Numbers: The Law of Large Numbers states that as the sample size increases, the average obtained from multiple samples approaches the population mean more closely.
Probability distribution: A probability distribution describes all possible outcomes of a random variable and their associated probabilities.