Expected monetary value (EMV) is computed by which equation?
A. Value of each possible outcome multiplied by probability of occurrence
B. Value of each possible outcome multiplied by probability of non-occurrence
C. Multiplying the value of each possible outcome by the probability of occurrence and adding the products together
D. Multiplying the value of each possible outcome by the probability of non-occurrence and adding the products together
Answer:C
Expected monetary value (EMV) is computed by which equation?
A. Value of each possible outcome multiplied by probability of occurrence B. Value of each possible outcome multiplied by probability of non-occurrence C. Multiplying the value of each possible outcome by the probability of occurrence and adding the products together D. Multiplying the value of each possible outcome by the probability of non-occurrence and adding the products together