________ Refers to Simple Changes or Adjustments in Existing Products,services

question 59

Multiple Choice

________ refers to simple changes or adjustments in existing products,services or processes.

• A) Continuous innovation
• B) Incremental innovation
• C) Process innovation
• D) Continuous improvement

Identify when to reject or fail to reject a null hypothesis based on the p-value and level of significance.

Understand the relationship between the level of significance, sample size, and the probability of committing Type I and Type II errors.

Differentiate between one-tail and two-tail tests in hypothesis testing.

Calculate and interpret the test statistic in hypothesis testing.

---

Definitions:

Demand

The interest and capacity of buyers to acquire a product or service for a certain cost.

Human Capital

The abilities, understanding, and expertise held by a person or a group, considered in terms of their economic or value worth to a company or nation.

Ph.D.

A Doctor of Philosophy degree, a postgraduate academic degree awarded by universities.

College Professors

Faculty members at colleges and universities responsible for teaching courses, conducting research, and participating in academic service.