What Are the Three Types of Goals

question 61

Essay

What are the three types of goals?

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Definitions:

Prior Probabilities

Represents the probabilities of events based on existing knowledge before new evidence is introduced.

Subjective Probability

The individual's personal judgment or estimate of the likelihood of an event occurring.

Prediction Value

A forecasted numerical value derived from statistical analysis or models, indicating a future outcome.

Cost Of Information

The expense incurred in acquiring data necessary for decision-making, including collection, processing, and analysis costs.