Statistics

Expected Value Calculator

Find the expected value of up to three outcomes.

Outcome 1 value

Probability 1

Outcome 2 value

Probability 2

Outcome 3 value

Probability 3

Calculated Output

Expected value 7

Formula: EV = Σ value × probability

Step-by-Step Breakdown

1. Values used:

2. Outcome 1 value = 100

3. Probability 1 = 0.1

4. Outcome 2 value = 0

5. Probability 2 = 0.6

6. Outcome 3 value = -10

7. Probability 3 = 0.3

9. Expected value = 7

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The math behind it

EV = Σ (outcome × its probability). Probabilities should sum to 1.

100×0.1 + 0×0.6 + (−10)×0.3 → 7.

Use?

Comparing bets, investments and decisions under uncertainty.