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difference between expected values and probability?

difference between expected values and probability?

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difference between expected values and probability?
What is the utility of expected value and why we need them?

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365 Team
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Hello again!
 
Expected values are the same as the mean for a well-defined distribution. They tell us the focal point of the distribution, what the expected average is and help us calculate other important metrics like the variance. 
 
While each possible value for a random variable has a given probability of occurring, there is only a single expected value for the entire random variable X. 
 
Best,
365 Vik

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