Examlex
The implementation of an enterprise resource planning (ERP)system ensures good work processes based on best practices.
Posterior Probabilities
The probabilities assigned to statistical outcomes after taking into consideration prior probability distribution and current evidence.
Prior Probabilities
The probabilities of different possible outcomes or hypotheses as assessed before any relevant evidence is taken into account.
Likelihood Probabilities
The probabilities of different outcomes estimated using a statistical model based on observed data.
Expected Value
A statistical concept that represents the average outcome of a random variable after many repetitions of an experiment.
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