Expected Cost
Expected cost is a statistical measure that represents the average cost of a particular event or action, taking into account all possible outcomes and their probabilities. In data science, expected cost is often used in decision-making processes to evaluate the potential costs and benefits of different options. It is calculated by multiplying the probability of each possible outcome by its associated cost, and then summing these values. Expected cost analysis can be used in a variety of applications, such as risk management, insurance, and finance, to help organizations make informed decisions based on the potential costs and benefits of different actions.
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