Single Sourcing Refers to Narrowing Down the List of Approved

question 23

True/False

Single sourcing refers to narrowing down the list of approved suppliers for a single component to just a few suppliers.

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how much the individual data points differ from the mean.

Correlation

A gauge that measures the intensity of the relationship between two or more variables as they vary together.

Variability

The extent to which data points in a statistical distribution or data set diverge from the average or mean value.

Range

The difference between the highest and lowest scores in a set of data.