Examlex
The outside air temperature is 40°F,what is the temperature in Kelvin?
Variance
The average of the squared differences from the Mean, providing a measure of how spread out a data set is.
Expected Value
The weighted average of all possible values that a random variable can take on, weighted by the probabilities of those values.
Payoffs
The outcomes or returns of a decision or action, often expressed in terms of profit or loss.
Risky Undertaking
An action or venture involving a high degree of uncertainty and potential for loss or failure.
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