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expected monetary value

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expected value

Overview page. Subjects: Social Sciences — Probability and Statistics.

(EV)

A statistical measure of central value often used in decision making. It is the sum of the possible outcomes in quantitative terms, such as units of output or sales, weights,...

See overview in Oxford Index

probability

Overview page. Subjects: Science and Mathematics.

A numerical value given to the expectation that a particular event will occur. Although in scientific usage it is normally reckoned on a scale of 0 (for impossibility) to 1 (certainty), in...

See overview in Oxford Index