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Use the Multiplication Rule for Independent Events

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Use the Multiplication Rule for Independent Events
-Suppose a basketball player is an excellent free throw shooter and makes 96% of his free throws (i.e., he has a 96% chance of making a single free throw) . Assume that free throw shots are independent of one another. Suppose this player gets to shoot three free throws. Find the probability that he misses all three consecutive free throws.


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Operational Risk

A measure of a firm’s inability to document the work remote employees do, describe the different situations they might face, and direct their responses in each scenario.

Outsourcing Vendor

A third-party company that provides services or performs tasks that a company might otherwise have done in-house, often to save costs or access specialized expertise.

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The practice of using an organization's internal resources to complete tasks or projects that could be outsourced to external providers.

Outsourcing

The business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company's own employees.

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