Whenever the outcome of an event has a number of different possibilities that have equal probability of occurrence, then the expected value of the outcome is equal to the simple average of the individual events.

Question

Quizplus · Accepted Answer

This is the definition of a fair game or situation, where each possible outcome has an equal probability of occurring, and the expected value can be calculated as the arithmetic mean of the possible outcomes.

Whenever the Outcome of an Event Has a Number of Different