Calculates the long-term average outcome (mean) of a random variable.
Start with your values, or try a preset.
Enter Outcome 1 Value, Probability of Outcome 1 (%), Outcome 2 Value, Probability of Outcome 2 (%), Outcome 3 Value, Probability of Outcome 3 (%), Outcome 4 Value, and Probability of Outcome 4 (%) in the units shown.
Read Probability 4 (Decimal), Probability 3 (Decimal), Probability 2 (Decimal), Probability 1 (Decimal), and Expected Value in the results panel. Results update as you change the inputs.
Choose a preset to load an example, then adjust the values for your situation.
See the inputs and their calculated results.
Outcome 1 Value: 2; Probability of Outcome 1 (%): 50 %; Outcome 2 Value: 0; Probability of Outcome 2 (%): 50 %; Outcome 3 Value: 0; Probability of Outcome 3 (%): 0 %; Outcome 4 Value: 0; Probability of Outcome 4 (%): 0 %
Probability 4 (Decimal): 0; Probability 3 (Decimal): 0; Probability 2 (Decimal): 0.5; Probability 1 (Decimal): 0.5; Expected Value: 1
Outcome 1 Value: 0; Probability of Outcome 1 (%): 50 %; Outcome 2 Value: 2; Probability of Outcome 2 (%): 50 %; Outcome 3 Value: 0; Probability of Outcome 3 (%): 0 %; Outcome 4 Value: 0; Probability of Outcome 4 (%): 0 %
Probability 4 (Decimal): 0; Probability 3 (Decimal): 0; Probability 2 (Decimal): 0.5; Probability 1 (Decimal): 0.5; Expected Value: 1
Outcome 1 Value: 1; Probability of Outcome 1 (%): 16.67 %; Outcome 2 Value: 2; Probability of Outcome 2 (%): 16.67 %; Outcome 3 Value: 3; Probability of Outcome 3 (%): 16.67 %; Outcome 4 Value: 4; Probability of Outcome 4 (%): 16.67 %
Probability 4 (Decimal): 0.1667; Probability 3 (Decimal): 0.1667; Probability 2 (Decimal): 0.1667; Probability 1 (Decimal): 0.1667; Expected Value: 1.667
Use calculators for algebra, geometry, trigonometry, probability, statistics, averages, z-scores, tests, and graphing tasks.
Continue with another tool on a related topic.
Performs a t-test (one-sample, two-sample, or paired) to compare means and determine statistical significance.
Finds the Z-score corresponding to a given cumulative probability (percentile) on a normal distribution.
Calculates the Chi-Square statistic and p-value for goodness-of-fit or test of independence. It requires observed and expected frequencies or values.
Identifies potential outliers in a dataset using the IQR * 1.5 rule (calculating fences).