expected value

The distribution of a random variable X contains all of the probabilistic information about X. The entire distribution of X, however, is usually too cumbersome for presenting this information. Summaries of the distribution, such as the average value, or expected value, can be useful for giving people an idea of where we expect X to be without trying to describe the entire distribution. The expected value also plays an important role in the approximation methods that arise in Chapter 6.

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