No, just like the average (mean) it is a mathematical quantity that is determined by its mathematical definition and the everyday meaning of “expected” is only a descriptive hint toward what it represents.
What does the expected value of a random variable mean?
- E[X] stands for the expected value of a random variable.
- The expected value of a random variable is also known as its mean, in which case we use the notation X.
- It can be thought of as the "average" value obtained by the random variable.
Is the expected value always equal to the mean?
- The primary distinction between "mean" and "expected value" is that the former is typically used to describe a frequency distribution and the latter, a probability distribution.
- In frequency distribution, variables and their occurrence frequencies make up the sample space.
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