In probability theory, the expected value of a random variable, intuitively, is the long-run average value of repetitions of the experiment it represents. For example Definition · Properties · Uses and applications · Expectation of matrices. Anticipated value for a given investment. In statistics and probability analysis, expected value is calculated by multiplying each of the possible outcomes by the. Definition of expected value & calculating by hand and in Excel. Includes video. Find an expected value for a discrete random variable.