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If a garage repairs your car and uses time and material pricing them you will always be charged the exact number of hours that they spend on you car.
Expected Value
The long-run average value of repetitions of the same experiment or random trial.
Triangular Distribution
A probability distribution with a shape formed by a triangle, which is specified by a minimum, a maximum, and a mode value.
Expected Value
The weighted average of all possible values of a random variable, taking into account their probabilities.
Bounded Distribution
A statistical distribution with both a minimum and maximum value, limiting the range of possible outcomes.
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