Examlex
Which of the following refers to a set of quality standards created in 1987 by the International Organization for Standardization,in Geneva,Switzerland?
Expected Value
The predicted value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrence.
Expected Value
An average value determined by weighing all potential outcomes of a random variable according to their likelihood of happening.
Payoffs
The returns or benefits received from a particular course of action or decision, often evaluated in decision-making processes.
Invest
Allocating resources, usually money, with the expectation of generating an income or profit.
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