Final answer:
The measure described is the variance, which is calculated by squaring each deviation from the expected value, multiplying by the corresponding probability, and summing the products.
Step-by-step explanation:
The measure obtained by squaring the deviation of each possible outcome from the expected value, multiplying this result by its respective probability, and summing up the resulting products is known as the variance.
Variance is symbolized as σ² and represents the mean of the squared deviations from the mean. To find the variance σ² of a discrete probability distribution, calculate each deviation from its expected value (mean μ), square it, multiply it by its probability P(x), and then sum the products. The formula for the variance σ² of a discrete random variable X is σ² = Σ (x − μ)² P(x), where x represents values of the random variable, μ is the mean, and P(x) represents the corresponding probabilities.