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The U.S. Bureau of Labor Statistics reports that HR managers perform the following for organizations: (1) project workforce projections, (2) connect management with its employees, (3) consult with managers regarding employment law.
Von Neumann-Morgenstern Utility Function
A mathematical representation of an individual's preference over a set of alternatives, based on the assumption of expected utility maximization.
Risk Lover
A person or entity that prefers to take risks, often in pursuit of higher rewards, rather than avoiding them.
Probability
A measure of the likelihood of a particular event or outcome occurring, expressed as a number between 0 and 1.
Expected Utility Maximizer
An individual who makes choices under uncertainty to maximize their expected level of satisfaction, based on the probabilities of different outcomes.
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