Business A-Level
expected value
What expected value means in Business A-Level, as defined for AQA.
Definition of expected value
Check what you remember
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Reference: AQA
Each payoff multiplied by its probability, summed, then less the cost of taking that option.
Topics that use expected value
- Subject content (AQA A-Level)
Related terms
- capacity utilisation
- corporate and functional objectives
- cost now against benefit later
- data quality
- decision context
- five forces
- functional interdependence
- generic strategies
Using expected value in the exam
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