Define Expected Opportunity Loss, EOL

question 31

Essay

Define expected opportunity loss, EOL.

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Definitions:

Chi-Square

A statistical test used to determine if a significant relationship exists between two categorical variables.

Row Variable

A categorical variable used in tables to categorize subjects or data points based on a specific attribute.

Column Variable

A variable represented by a column in a data table, where each row entry under that column pertains to different observations or records.

Degrees of Freedom

Degrees of freedom refer to the number of values in a calculation which are free to vary without violating the constraints of the calculation.