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On his own time, Ron looked over his course syllabi for the term and realized that three weeks from now he has three assignments due on one day. Ron decided he would do one assignment per week for the next three weeks so that he would have them all done by their due dates. Ron is demonstrating _____ thinking.
Expected Value
A calculated average of all possible values of a random variable, weighted by their probabilities of occurrence.
Payoffs
The returns or benefits received as a result of an action or investment.
Expected Value
The anticipated value or average outcome of a random variable, taking into account all possible outcomes weighted by their probabilities.
Probabilities
A measure expressing the likelihood of occurrence of a given event, typically defined on a scale from 0 to 1, where 0 means the event cannot occur and 1 indicates certainty.
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