In other words, if we repeat the underlying random experiment several times and take the average of the values of the random variable corresponding to the outcomes, we would get the expected value, ap...In other words, if we repeat the underlying random experiment several times and take the average of the values of the random variable corresponding to the outcomes, we would get the expected value, approximately. (Note: This interpretation of expected value is similar to the relative frequency approximation for probability discussed previously.) Again, we see that the expected value is related to an average value of the random variable.