Examlex
Which of the following has been found to be an efficient substitute for traditional methods of conducting test markets?
Decision Tree
A graphical representation used in decision analysis to visually and explicitly represent decisions and decision making.
Revised Probability
An updated chance or likelihood of an event occurring after taking into consideration new evidence or information.
Prior Probability
The probability of an event or hypothesis before new evidence or data is taken into account.
Joint Probability
The probability that two or more events happen at the same time. It's calculated by the intersection of the events' probabilities.
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