Mathematical Expectation

Mathematical expectation, often called the expected value, is a way to predict the average outcome of a random process over many repetitions. Imagine rolling a die many times; the expected value is the average result you'd get if you could roll it infinitely. It’s calculated by multiplying each possible outcome by its probability, then adding those products together. This measure helps understand the long-term average payoff or outcome in various situations, including games, investments, and decision-making processes, providing a useful way to quantify what to anticipate over time.