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Mean
The arithmetic average of a set of numbers, calculated by adding them all up and dividing by the count of the numbers.
Variance
The average of the squared differences from the Mean, providing a measure of how spread out a data set is.
Expected Value
The weighted average of all possible values that a random variable can take on, weighted by the probabilities of those values.
Payoffs
The outcomes or returns of a decision or action, often expressed in terms of profit or loss.
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