There Are Two Types of Probability Distributions: Discrete and Binomial

question 134

True/False

There are two types of probability distributions: discrete and binomial.

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Definitions:

Lost Sales

Sales that were not made due to product unavailability or service limitations.

Order Policy

Guidelines or rules defining how and when orders should be placed to replenish stocks and manage inventory levels.

Cumulative Probability Distribution

A function that gives the probability that a random variable is less than or equal to a certain value, often used in statistics to summarize data.

Random Number Intervals

A sequence of intervals generated by a random process, often used in simulations and statistical sampling.