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The DICE framework, or Duration, Integrity, Commitment, and Effort framework is a tool for evaluating projects, [1] predicting project outcomes, and allocating resources strategically to maximize delivery of a program or portfolio of initiatives, aiming for consistency in evaluating projects with subjective inputs.
Escalation of commitment – A human behavior pattern in which the participant takes on increasingly greater risk St. Petersburg paradox – Paradox involving a game with repeated coin flipping Sunk cost fallacy – Cost that has already been incurred and cannot be recovered Pages displaying short descriptions of redirect targets
Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g., that an accident happens) multiplied by the severity of that harm (i.e., the average amount of harm or more conservatively the maximum credible amount of harm).
The mathematics of gambling is a collection of probability applications encountered in games of chance and can get included in game theory.From a mathematical point of view, the games of chance are experiments generating various types of aleatory events, and it is possible to calculate by using the properties of probability on a finite space of possibilities.
The dealer rotates the cage end over end, with the dice landing on the bottom. [2]: 335 Wagers are placed based on possible combinations that can appear on the three dice. The possible wagers are usually fewer than the wagers that are possible in sic bo and, in that sense, chuck-a-luck can be considered to be a simpler game. In the simplest ...
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In probability theory, a martingale is a sequence of random variables (i.e., a stochastic process) for which, at a particular time, the conditional expectation of the next value in the sequence is equal to the present value, regardless of all prior values.
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