Examlex
Which of the following statements is not true?
Expected Monetary Value
A statistical technique in decision-making under uncertainty, calculating the weighted average of all possible outcomes, considering both the probabilities and the monetary impacts.
Optimal Act
The best or most favorable action to take in a given situation, often determining the maximum efficiency or minimum cost.
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.
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