What Is the Expected Value of the Probability Distribution for the Following

question 43

Multiple Choice

What is the expected value of the probability distribution for the following product
$\begin{array}{|c|c|}\hline \text { Profit}& \text { Estimated probability of Product A } \\\hline £ 300 & 0.1 \\\hline £ 400 & 0.1 \\\hline £ 600 & 0.2 \\\hline £ 600 & 0.2 \\\hline £ 700 & 0.2 \\\hline £ 800 & 0.1 \\\hline£ 900&.01\\ \hline\end{array}$

• A)£700.
• B)£800.
• C)£900.
• D)£600.

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Definitions:

Critical Incident Technique

A method used in organizational development and research to gather significant actions or events that have impacted a project or outcome, for the purpose of learning and improvement.

Delphi Technique

The Delphi Technique is a structured communication method used for systematic interactive forecasting by experts of the likelihood and outcome of future events.

Production Levels

Production levels refer to the quantity of goods or services produced within a certain period by a business, sector, or economy.

Customers

Individuals or entities that purchase goods or services from a business, forming the basis of the business's income.