Examlex
A norm group is a group of testtakers
Cost Of Information
The total expense involved in generating, processing, storing, and transmitting information, including any financial, time, or resource costs.
Opportunity Loss
The potential benefits an investor or business misses out on when choosing one alternative over another.
Prior Probabilities
The probabilities of different outcomes or hypotheses as estimated before any new evidence or data is taken into account.
Payoff Table
A decision-making tool that summarizes the various outcomes and their respective rewards or costs for different strategies or decisions.
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