Asked by Dennis Manalo on Jun 02, 2024
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{Gross Profits Narrative} If the probability of s1 is 0.2 and s2 is 0.8,then the expected opportunity loss (EOL)for a1 is ____________________.
Expected Opportunity Loss
A statistical determination of potential loss due to not selecting the optimal choice among different options.
Gross Profits
The difference between revenue and the cost of goods sold before deducting overheads, payroll, taxation, and interest payments.
Probability
A measure of the likelihood that a particular event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.
- Understand the application of Expected Opportunity Loss (EOL) to facilitate superior decision-making strategies.
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Learning Objectives
- Understand the application of Expected Opportunity Loss (EOL) to facilitate superior decision-making strategies.
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