In a Game of Chance, the Probability of Winning a $50

question 51

Multiple Choice

In a game of chance, the probability of winning a $50 prize is 40 percent, and the probability of winning a $100 prize is 60 percent. What is the expected value of the prize in the game?

• A) $50
• B) $75
• C) $80
• D) $100

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Definitions:

Project Plan

A formal document that outlines the how and when of a project, detailing the project's objectives, scope, methodologies, time frame, and resources.

Risk Management

The practice of identifying, assessing, and controlling threats to an organization's capital and earnings.

Timeframe

A period of time during which something takes place or is projected to occur.

Deming

Refers to W. Edwards Deming, an American engineer, statistician, and management consultant who is recognized for his work in quality management and continuous improvement.