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Discuss the three types of measurement validity: face,content,and criterion validity.
Probability
A measure of the likelihood that a particular event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.
Rollback Technique
A decision analysis procedure used to solve decision trees backwards from the end nodes to the beginning, to find the sequence of decisions that maximizes the expected utility.
Expected Opportunity Loss
The anticipated value of the best foregone opportunity when a particular decision is made.
Gross Profits
Total revenue of a company minus the cost of goods sold, not including other operating expenses.
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