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Identify/define and explain the significance of the following: the Odyssey.
Markov Model
A statistical model that predicts future states based on the current state, often used in machine learning and economic forecasting.
Diversification Strategy
A business approach that involves entering into new markets or introducing new products or services to spread risk and opportunities for growth.
Reduce Risks
Strategies or actions taken to lower the probability of loss or the impact of adverse outcomes.
Product Development
Product development is the process of bringing a new product to market, including the conception, design, and manufacture of products that meet consumer needs and preferences.
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