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A Decision Criterion Which Weights the Payoff for Each Decision

question 60

Multiple Choice

A decision criterion which weights the payoff for each decision by its probability of occurrence is known as the


Definitions:

Percentile

A statistical measure indicating the value below which a given percentage of observations in a group of observations fall.

Percentile

A measure indicating the value below which a given percentage of observations in a group of observations fall.

Quartile

A statistical term describing each of four equal groups into which a population can be divided based on a distribution.

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