In this lesson, we are going to talk about the expected value of a random variable which is also known as the mean of a random variable. Those two words or phrases mean exactly the same thing. Mean and expected value are used interchangeably. The way you calculate the expected value of a random variable is you find all the possible values of the random variable, you multiply each one by the probability that that value will come up and then you add those up. We'll learn about the indicator variables, linearity of expectation, and expected value of a function.
Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.