Views
Expectation, or “expected value” of a Variable, refers to the mean value the Variable takes. For example, in a 100 year period, a 1 in 100 year Event is expected to be equalled or exceeded once. This can be defined mathematically.
Acknowledgements: This Glossary is modified from Gouldby and Samuels, 2005, Language of risk – project definitions. FLOODsite Report T34/04/01