The Efficiency of Sample Information Is the Ratio of the Expected

question 14

Multiple Choice

The efficiency of sample information is the ratio of the expected value of sample information to the

• A) expected value of perfect information.
• B) expected value.
• C) utilization rate.
• D) coefficient of optimism.

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Definitions:

Sampling Distribution

A specific statistic's probability distribution, resulting from a sample taken at random.

Variability

The degree to which scores in a set of data are spread out or differ from each other, indicating the diversity or dispersion within the dataset.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, used to infer properties of an entire population.

Population Mean

The average of all the values in a population.