Generalized expected value calculation

Input(s)

$P_{i}$: Possible Result of Probability from case " 1 " to " $\mathrm{n}$ " (fraction)

$V_{i}$: Contingency Value of Investment from case " 1 " to " $\mathrm{n}$ " (\$)

Output(s)

$E V$: Expected Value (dimensionless)

Formula(s)

$$ \mathrm{EV}=\sum_{\mathrm{i}=1}^{\mathrm{n}}\left(\mathrm{P}_{\mathrm{i}}\right)\left(\mathrm{V}_{\mathrm{i}}\right) $$

Reference(s)

Serpen, U., Petroleum Economics, Course Notes, ITU Petroleum and Natural Gas Engineering, Istanbul, Turkey, (2008) Page: 72.