In probability theory, the __________ is the payoff or profit from each combination of alternatives and outcomes.
A)expected value
B)anticipated return
C)projected benefit
D)calculated premium

Question

Quizplus · Accepted Answer

The expected value is the theoretical long-term average of outcomes when the experiment is repeated many times. It is calculated by multiplying each outcome by its probability of occurring and adding up those products. The expected value can help determine the best choice or decision by comparing the expected returns of different options.

In Probability Theory, the __________ Is the Payoff or Profit