Examlex
Given and , determine .
Average Payoff
The expected return or outcome from a particular strategy, investment, or action, calculated as the sum of all possible payoffs weighted by their probabilities.
Decision Tree
A graphical representation of decision-making processes, showing different choices and their potential outcomes, including chance event outcomes, resource costs, and utility.
Revenue Management
A strategic approach to selling a limited inventory of goods or services to maximize revenue, often used in airlines, hotels, and other sectors.
Expected Value
The weighted average of all possible values of a random variable, with the weights being the probabilities of occurrence.
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