Your Classmate Is Planning a New Venture

question 14

Multiple Choice

Your classmate is planning a new venture.He has spent a lot of time on planning and analysis,taking a managerial approach as he attempts to predict the future.This type of path is typically taken by what type of entrepreneur?

• A)social entrepreneur
• B)novice entrepreneur
• C)corporate entrepreneur
• D)family entrepreneur

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Definitions:

Independent Replications

Separate instances of an experiment or simulation that are conducted independently to ensure variability in results is due to the process rather than randomness.

Probability

The measure of how likely it is for an event to occur, expressed as a number between 0 (impossible) and 1 (certain).

Customers

Individuals or businesses who purchase goods or services from another entity.

Expected Value

The average outcome of a random variable, calculated as the sum of all possible values each multiplied by their respective probability of occurrence.