Obtaining the Highest Possible Return with the Minimum Use of Resources

question 49

Multiple Choice

Obtaining the highest possible return with the minimum use of resources committed is the basic definition of

• A)effectiveness.
• B)efficiency.
• C)effectiveness and efficiency.
• D)none of the above.

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Definitions:

Standard Error

Standard Error is the standard deviation of the sampling distribution of a statistic, often used to measure the accuracy with which a sample reflects a population.

Sample Size

The number of observations or elements selected from a population to be included in a sample.

Standard Deviation

A measure of the dispersion or variability of a set of data points from their mean, indicating how spread out the data points are.

Population Mean

The average of a set of characteristics (numbers) of every member in the entire population.