When Decisions Are Reached Using Probability Theory,the Alternative Normally Chosen

question 69

Multiple Choice

When decisions are reached using probability theory,the alternative normally chosen is the one with ________.

• A)the lowest expected value
• B)the highest expected value
• C)the lowest cost/benefit ratio
• D)the lowest risk
• E)the highest risk

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Definitions:

Skewed Distribution

A statistical term for a distribution where the bulk of values are located on one side of the mean, resulting in a lack of symmetry.

Degree Of Variation

Degree Of Variation refers to the extent to which values of a particular variable or trait differ from each other in a set of data or population.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, often used in statistics.

Distribution Of Scores

Refers to the way in which scores are spread out or distributed across a range in a dataset.