Examlex
What modern concept is attributed to the nineteenth century volunteer work of John Augustus?
Decision Tree Analysis
A graphical representation used to make decisions, showing different outcomes based on various choices and chance events.
Bellman's Principle
A decision-making principle stating that an optimal policy has the property that, regardless of the initial state, the remaining decisions must constitute an optimal policy with regard to the state resulting from the first decision.
Optimal Strategy
The best course of action, developed through planning and analysis, to achieve maximum effectiveness or profitability.
Expected Cost
The forecasted amount of expenses anticipated to be incurred for a specific activity or project, often used in budgeting and planning.
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