When the Results of Experimentation or Historical Data Are Used

question 121

Multiple Choice

When the results of experimentation or historical data are used to assign probability values, the is used to assign probabilities.

• A)relative frequency method
• B)subjective method
• C)classical method
• D)posterior method
• E)none of the above

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Definitions:

Cost-benefit Analysis

A systematic approach to estimate the strengths and weaknesses of alternatives, used to determine the best option in terms of benefits outweighing costs.

Duty-based Ethics

An ethical theory that emphasizes duties or moral rules as the basis for judging the ethicality of actions.

Corporate Social Responsibility

A business approach that involves participating in initiatives that benefit society, including ethical, environmental, and philanthropic efforts.

Corporate Social Responsibility

A business model that incorporates self-regulation into a company's business model to positively impact society socially, economically, and environmentally.