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Sir,
Can u plz explain the meaning of this line.
Expected values may not be expected to occur, which means that probabilistic budgets are of limited value for budgetary control.
Thanks
As I explain in my lectures on decision making under uncertainty, when there are several possible outcomes and we choose to use the expected value, then what will actually occur will be one of the individual possible outcomes (which is unlikely to be the same as the expected value).
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