Expectation

{
  "id": "MLC-T-OAG-001348",
  "term": "Expectation",
  "field": "Oil and gas",
  "definition": "The probability-weighted average of all possible values of a random variable, equal to its long-run average over many repeated draws. It is calculated by summing each possible value multiplied by its probability. It is not the most probable value, which is the mode, and for a skewed distribution such as permeability the expectation lies away from the median.",
  "subject": "Reservoir Characterization",
  "url": "https://mlchart.com/terminology/oil-and-gas/expectation/"
}