Examlex
Which part(s) of your messages are readers likely to find most interesting and read first?
Expected Monetary Value(EMV)
A calculation used in decision-making under risk, representing the sum of possible outcomes weighted by their respective probabilities and monetary impacts.
Expected Opportunity Loss Decision
A decision-making approach that minimizes the expected loss due to not choosing the best option under uncertainty.
State of Nature
A term used in decision theory and statistics to refer to the actual but unknown condition or outcome of a particular phenomenon.
Decision Tree
A decision tree is a graphical representation used in decision analysis to display choices and their possible outcomes, including chance event outcomes, resource costs, and utility.
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