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Expected Monetary Values
A statistical concept used in decision making under uncertainty, calculating the weighted average of all possible outcomes, considering their probabilities and monetary impacts.
Sequence of Decisions
A series of choices made over time, where each choice might be influenced by past decisions, expected to lead to a desired outcome.
Decision Tree
is a graphical tool used in decision-making, which represents different choices and their possible outcomes, including chance event outcomes, resource costs, and utility.
EMV
Stands for EuroPay, MasterCard, and Visa, a standard for the interoperability of chip cards and chip-card capable payment terminals and ATMs, for authenticating credit and debit card transactions.
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