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Describe three of the five elements of the operations management system.
Alpha
The threshold of probability at which the null hypothesis is rejected in statistical testing, often set at 0.05.
Statistical Significance
Indicates the likelihood that a result or relationship is caused by something other than mere chance.
Statistical Probability
The quantification of the likelihood of an event occurring based on a ratio of favorable outcomes to the total number of possible outcomes.
Statistical Precision
How similar the results are when measurements are taken repeatedly in unaltered circumstances.
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