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Probability is not always 1 at all !!
If there is a 20% chance of something happening, then the probability of it happening is 0.2.
If there is a 30% chance of something happening then the probability of it happening is 0.3.The total of all the probabilities of all the possible things that can happen is 1, because there is a 100% chance that one of the things will happen – it is certain that one of the outcomes will occur.
Okay.
Regarding EV, I saw a limitation that its a long term average. What does that mean
You obviously have not watched my lectures on this, because I explain it (and I cannot type out all my lectures here).
If a decision is made only once then the outcome will be just one of those that are possible. It is only if the decision keeps being repeated that the average outcome will be the average of all the possible outcomes.
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