Probability theory is defined as a(n):
A) body of techniques for comparing the consequences of possible decisions in a risk situation.
B) means to achieve specific goals within limited means.
C) idea-generating process in which group members state their ideas, a member of the group records them, and no one may comment on the ideas until the process is complete.
D) statistical analysis that can only be done with the help of a computer software.

Question

Quizplus · Accepted Answer

Probability theory is a mathematical framework for analyzing and quantifying uncertain events, which is commonly used in decision-making under risk and uncertainty. It provides tools and techniques for calculating the likelihood of different outcomes based on available information and past data, and helps decision-makers make informed choices by comparing the consequences of different decisions.

Probability Theory Is Defined as A(n)