Transaction Processing Systems (TPS)are Used by a Narrow Range of Organizations

question 77

True/False

Transaction processing systems (TPS)are used by a narrow range of organizations only to process customer transactions more efficiently.

---

Definitions:

Optimal Act

The best possible action or decision, typically the one that maximizes the expected outcome or utility.

Bayesian Statistics

A statistical method that applies probability to statistical problems, focusing on the posterior distribution of parameters by incorporating prior knowledge.

Probability Distributions

Mathematical functions that provide the probabilities of occurrence of different possible outcomes for an experiment.

Expected Value

A calculated average of all possible values in a random variable, weighted by each value's probability of occurrence.