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In the BPP textbook I found a topic called probabilistic budgeting. Could you explain what it is and is it an important topic to cover?
It’s really just expected values.
The idea is to to prepare the budget for different outcomes and then calculate the expected value using the probabilities of the different outcomes.
(Expected values are obviously in the syllabus, but the term ‘probabilistic budgeting’ won’t be used in the exam.)
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