Outline What Is Meant by the Plan-Do-Act Cycle

question 10

Short Answer

Outline what is meant by the plan-do-act cycle.

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Definitions:

Opportunity Loss

The forfeit of possible benefits from different options when a specific choice is made.

Prior Probabilities

The probabilities that are assigned to events or hypotheses before any relevant evidence is taken into account.

Payoff Table

A decision-making tool that outlines the possible outcomes and their respective returns or losses for different actions or decisions under consideration.

Sample Information

Data or facts obtained from a subset of a larger population, used for the purpose of statistical analysis or estimation of parameters of the entire population.