What is expected value?
A)The average of each possible outcome of a future event, weighted by its probability of occurring
B)The average probability of all possible outcomes of a future event occurring, weighted by each possible outcome individually
C)The sum of all probabilities of all possible outcomes of a future event occurring
D)The most likely future outcome

Question

Quizplus · Accepted Answer

Expected value is the average outcome of a random event considering all possible outcomes and their probabilities. It is calculated by multiplying each outcome by its probability and summing these products.

What Is Expected Value