Examlex
Briefly describe decision tree analysis.
Possible Outcomes
Refers to all the potential results that can occur in any probabilistic or random event.
Probability
The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
Sampling Error
Refers to the difference between the population parameter and the sample statistic due to the fact that the sample is not a perfect representation of the population.
Statistical Error
The difference between a measured or observed value and the true value, often arising from sampling or measurement limitations.
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