Ootusväärtus
Ootusväärtus, in Estonian, translates to "expected value" in English. It is a fundamental concept in probability theory and statistics, representing the average outcome of a random variable if an experiment or process were repeated many times. Mathematically, the expected value of a discrete random variable X, denoted as E(X), is calculated by summing the product of each possible value of the variable and its corresponding probability. For a continuous random variable, it is found by integrating the product of the variable and its probability density function over its entire range.
The expected value is a weighted average, where the weights are the probabilities of each outcome. It