Quantum glossary
Expectation value
Also: observable, ⟨O⟩
The average result you would get measuring an observable on many copies of the same state.
Variational algorithms minimise an expectation value — usually an energy. On hardware it is estimated from finitely many shots, so it always comes with statistical error bars.
⟨O⟩ = ⟨ψ|O|ψ⟩