In general language, possible outcomes are results that may occur by performing some task. Possible outcomes are used in math, specifically in probability, to determine what results could exist.Know More
Possible outcomes are important in decision making because in order to make a decision, a person has to know the available options. However, strictly speaking, options are not the same as possible outcomes. Possible outcomes are the results of options. In other words, in a decision of whether to go to school, the options are to go or not go. The possible outcomes are all of the things that could result from those options.
A person might use "possible outcomes" when analyzing a probability problem. For example, the possible outcomes of a coin toss are heads or tails. For a standard die, there are six possible outcomes (i.e., the six faces of the die). In probability, the counting principle is used to determine the number of possible outcomes. In problems more complex than the ones stated above, possible combinations are multiplied. For example, the possible outcomes of two consecutive coin tosses would be 2 x 2 = 4 (heads or tails for the first toss, and heads or tails for the second). The possible outcomes would then be HH, HT, TH, and TT. This principle can be extended indefinitely. For example, the number of possible outcomes of a coin toss and a die roll would be 2 x 6 = 12 (H or T, and 1-6).Learn more about Financial Planning
IRR, or internal rate of return, refers to the discount rate that, when used, results in a zero net present value of existing cash flows from an investment or project. It is used in capital budgeting to rank prospective investments or business projects with a higher IRR.Full Answer >
Scientific polling consists of surveying a random sample of the population in order to obtain statistically significant results for an upcoming vote or election. Scientific polls are frequently used before a big election for countries or states. Polls are also sometimes used by corporations to test new products.Full Answer >
Ask Dr. Sears defines hydrogenated fat as a fat that results from the process of hydrogenation, which is when hydrogen molecules are forced into a normally unsaturated fat molecule. About.com Nutrition states that this process changes the shape of the fat molecules and gives the oil a semi-solid or solid texture.Full Answer >
Input, process, output (IPO), is described as putting information into the system, doing something with the information and then displaying the results. IPO is a computer model that all processes in a computer must follow.Full Answer >