Seeking Some Guidance on Simple Method to Calculate Expected Value

[David Miller]

Hi everyone,

I am new to data science and trying to get a handle on some basics. I need a straightforward way to calculate the expected value of a random variable. Could someone explain a simple method or formula to do this: ??

From what I understand, the expected value is essentially a weighted average of all possible values,,, where the weights are the probabilities of those values occurring.

Is there a step-by-step approach I should follow: ??

Any examples would be greatly appreciated. I also read this: https://statisticsbyjim.com/probability/expected-value-cissp/ but now looking for some more guidance and help.

Thanks in advance for your help…!

With Regards,

David

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