Fill in the correct labels for the following figure using the word bank below.
-F __________
Definitions:
Opportunity Cost
The lost potential gain from other alternatives when one alternative is chosen.
Potential Benefit
The prospective advantage or gain that may be realized from a specific action or decision, often considered in planning and analysis.
Probability
A quantitative assessment of an event's probability, given as a number from 0 to 1.
Choosing
The act of selecting from a number of alternatives or possibilities.
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