Expected value (mean)
Also written: expected value, E[X], mean, μ
The long-run average of a random variable: multiply each value by its probability and add. For bags per order it is 1.75, even though no order has 1.75 bags.
Also written: expected value, E[X], mean, μ
The long-run average of a random variable: multiply each value by its probability and add. For bags per order it is 1.75, even though no order has 1.75 bags.