______ Deals with the Extent to Which the Data Collected

question 55

Multiple Choice

______ deals with the extent to which the data collected accurately measure what they purport to measure.

• A) Reliability
• B) Accuracy
• C) Precision
• D) Validity

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Definitions:

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.