Expected value
The expected value is a concept in Probability theory that represents the long-term average value that a Random variable would be expected to have when the process is repeated many times. It is a fundamental concept in Statistics and is used to make decisions under uncertainty. The expected value is calculated by multiplying each possible outcome by its Probability and summing these products. This concept is closely related to Autoregression (statistics) and Polynomial regression, which are used to model and analyze Random variables. The expected value is also used in Gamification and Decision theory to evaluate the potential outcomes of different decisions. Ashish Vaswani and other researchers have applied expected value in Machine learning and Artificial intelligence.