Expected Statistical Value

{
  "id": "MLC-T-ENV-010394",
  "term": "Expected Statistical Value",
  "field": "Environment",
  "definition": "The probabilistically weighted outcome that defines a statistical mean and a measure of the central tendency of a set of data. For a variable with a discrete number of outcomes, the expected value is calculated by multiplying each of the possible outcomes by the likelihood that each outcome will occur and then summing all of those values.",
  "references": [
    "Economic Analyses Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/expected-statistical-value/"
}