Examlex
What additional ways can OD practitioners enhance their practice and add more value?
Expected Utility Function
A mathematical representation of a decision-maker's preference over uncertain outcomes, emphasizing the expected level of satisfaction or value.
Probability
A numerical assessment between 0 and 1 indicating how probable it is for an event to take place.
Expected Value
The weighted average of all possible values of a random variable, with weights being their respective probabilities.
Probability
A measure quantifying the likelihood of a specific event occurring, often expressed as a number between 0 and 1.
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