A weighted average of the values of a random variable, where the probability function provides weights, is known as the Expected value.
The mean of a random variable can be thought of as the expected value or expectation. This makes it a sample statistic that also measures central tendency. The probability-weighted average is another name for the expected value.
It is the weighted average of all possible values for X, with the probability distribution serving as the weights. The expected value or expectation of X is another name for the mean, which is represented by the letter E(X). The mean can be used to determine a random variable's "central location."
Therefore, A weighted average of the values of a random variable, where the probability function provides weights, is known as the Expected value.
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