Complete the Following Analogy: an Experiment Relates to Outcome, as the Role

question 120

Short Answer

Complete the following analogy: an experiment relates to outcome, as the role of a die relates to _____.

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Definitions:

Probability

A measure of the likelihood that an event will occur, often expressed as a number between 0 and 1.

Expected Value

A calculation in probability theory that summarizes the expected return or outcome from a random event or situation.

Payoffs

The outcomes or returns received from an action or investment, often quantified in terms of profit or benefit.

Invest

The act of allocating resources, usually money, in the expectation of generating an income or profit.