The Use of Cheques Has Dropped from 49

question 43

Essay

The use of cheques has dropped from 49.6% of all payments in 1994 to well below 9.8% of all payments in 2007. Why do you think this is so?

Approach overly advantageous deals with cautious skepticism grounded in probability and expected value analysis.

Relate the concepts of risk, probability, and expected value in the context of decision-making under uncertainty.

Understand the concept of expected value and its application in decision-making.

Calculate expected gains or losses in various business and game scenarios.

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Definitions:

Marketing Campaign

A strategic plan designed to promote a product, service, or brand through various forms of media to achieve specific objectives.

Ethical Decision-making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.

Professional Goals

Professional goals are objectives that an individual sets to guide their career progress, including short-term and long-term ambitions related to their professions, such as acquiring new skills or achieving certain positions.

Ethical Issue

An issue or circumstance necessitating the choice between options by an individual or institution, which must be judged as ethical (right) or unethical (wrong).