Question

What is the difference between mean and expected value?

Answer 1

Answer:

While mean is the simple average of all the values, expected value of expectation is the average value of a random variable which is probability-weighted. The concept of expectation can be easily understood by an example that involves tossing up a coin 10 times. Now when you toss the coin 10 times, you expect 5 heads and 5 tails.

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