In an orthonormal eigenbasis $\{ \left|\psi_1\right\rangle , \left|\psi_2\right\rangle\}$ of the Hamiltonian operator $\hat{H}$ we have the projection operator:
$$ \hat{\mathbb{P}} = \prod_{i \neq j} \left( \frac{\hat{H} - \lambda_i}{\lambda_j - \lambda_i} \right)$$
and :
$$ \hat{H} \left|\psi_1\right\rangle = \lambda_1 \left|\psi_1\right\rangle$$
$$ \hat{H} \left|\psi_2\right\rangle = \lambda_2 \left|\psi_2\right\rangle$$
Dependent upon our choice:
$\lambda_i = \lambda_1 \longrightarrow \lambda_j = \lambda_2$
$$ \hat{\mathbb{P}} = \left|\psi_1\right\rangle \left\langle\psi_1\right|$$
or $\lambda_i = \lambda_2 \longrightarrow \lambda_j = \lambda_1$:
$$ \hat{\mathbb{P}} = \left|\psi_2\right\rangle \left\langle\psi_2\right|$$
If we have:
$$ \left|\psi\right\rangle = c_1 \left|\psi_1\right\rangle + c_2 \left|\psi_2\right\rangle$$
we just conclude that the mean value of $\hat{\mathbb{P}}$ is $|c_1|^2$ or $|c_2|^2$ or do we unify it somehow? This is confusing me because of the product, I know we only consider when $i \neq j$ but that is dependent on our initial choice for $\lambda_i$, right?