Settling an obligation, using an invoice type of document as evidence, by paying cash or by cash-equivalent for goods or services, or a charge against available funds. Refer to revenue expenditure, capital expenditure.

Asset accounts paying operational expenses with interest and principle while held by a state. The trustee is the state. Unemployment funds used to pay for unemployment benefits and funded by employer contributions, and state pensions in which money is held for an employee until retirement are typical examples of this type of trust fund.

Unrepairable, consumed-when-used component or part, like a bolt, nut, or rivet (1) needing no authorized repair procedure; (2) having excessive repair cost exceeding replacement cost; (3) listed as un-returnable inventory at issue.

1. One who expedites. “The expeditor worked overtime to expedite the delivery”.
2. In the food service industry, this is someone who manages the prepared items into the delivered meal in a timely manner, as the customer expects.

The monetary costs for attaining the desired result as quickly as possible. In fast tracking repairs or replacement of a lost or damaged asset, overtime, express transport, prioritizing will each likely cost extra. Insurance planning for coverage could cover these expenses, which are not usually covered under a normal insurance policies.

Prioritize; do as quickly as possible, but attain the expected outcome; achieve results faster.

A theory of decision making that the expected value (EV) is the cost one willing pays to have access to perfect information.

Decision theory rule: chose the event with the greatest expected value (EV).

Using statistics around uncertainty, helping executives make better decisions under unstable situations. Questions if a risk is worth taking based on evaluating and qualifying the impact and type of risk likely to achieve a predicted outcome. Final EV comes from a tally of individual EV for each outcome. Refer to expected monetary value.

A formulated, predictive return on an investment to help make a worthwhile investment decision . It is generated by calculating a series of potential results, filtering out unwanted ones by specific conditions, and averaging the remaining results, giving weight to the more reasonable and likely outcomes.

The method of predicting the likelihood, on average, of a gain from investing in a particular asset. Varying factors, representing market conditions and perceived asset worth, varies the predicted return.

Mortality-table-based prediction of the likely, time-bound frequency of death in a specific group of people.

Mortality-table-based prediction of the likely, time-bound frequency of illness or injury to a specific group of people.

Total of the weighted payoffs as predicted outcomes related to one decision. The weightings relate to the likelihood, expressed as probabilities, of varied events generating the possible payoff. Mathematically, this is the product of an event’s occurrence probability and the gain or loss that will result (payoff = probability times gain-loss). Refer to expected value.

Statistical prediction on the number of claims that will occur in the contract year. T

Mathematical formula calculating potential future interest rates. If the following equation is true: (1 + RLt) squared = (1 + RSt) ( 1 + RS*t+1), given RS is the 1-year interest rate, RL is the 2-year interest rate and the following year’s short term interest rate is predicted with RS*t+1, then an equal expected return occurs for 1- and 2-year investments.

Experience-based mortality-table-calculation of an average person’s number of remaining years of life, as of a certain age.

1. In General, this is the belief that something will happen based on a series of actions.
2. In Statistics, this is the likelihood, the average probability, of an unplanned occurrence.

Consumer attitude theory type proposing consumers ranking of products is based on all of the product’s characteristics. Known also as the fishbein model.

Cognitive-psychology-based motivational theory. Proposes that motivation occurs when predicted, conscious expectations of what will occur are realized as a person does specific, planned actions. This is a loop of increasing productivity linked to increasing personal gain or achievement. I

Giving up citizenship of country A to gain the citizenship of country B on own volition.

Citizen of country A living in country B. Classification of this citizen occurs regardless if the citizen has a short stay or an extended or lifetime stay in country B.

As standard temperature increases, the related, fractional, measurable increase of a solid in its length (linear expansivity), its area (superficial expansivity), or its volume (volume expansivity).

Fiscal policy intending to increase country’s money supply, building it higher than demand, then taking advantage of the increased capital to make tax cuts while increasing government spending to trigger spur economic growth. This approach to fiscal policy is reducing interest rates while allowing increased discounted lending. Refer to contractionary monetary policy.

Latter-staged portion of a business cycle expansion experiencing a short run equilibrium real production being greater than the fullemployment real production. The equilibrium real production occurs in the shortrun aggregate market. Fullemployment real production and occurs as a trend to more employed at current salaries. Known also as inflationary gap.