Examlex
________ processes include processes in accounting,administration,quality assurance,and legal and financial areas.
Lottery
A form of gambling that involves the drawing of numbers at random for a prize, often analyzed for its economic impact and decision-making under uncertainty.
Probability
A measure of the likelihood that an event will occur, ranging from 0 (impossibility) to 1 (certainty).
Expected Utility Function
A concept in economics that represents an individual's preference for certain outcomes over others, calculated as a weighted average of the utility of all possible outcomes, based on their probabilities.
Utility Function
In economics, a mathematical representation that ranks individuals' preferences over sets of goods and services, indicating the level of satisfaction or utility they obtain.
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