Formal Procedures for Assessing the Reliability and Validity of Clustering

question 3

True/False

Formal procedures for assessing the reliability and validity of clustering are simple and should be undertaken.

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Definitions:

Fill Rate

A metric that measures the percentage of customer or sales orders that are fulfilled from stock available, indicating the ability to meet demand.

Standard Deviation

An indicator of the extent of variability or spread within a dataset, showing how significantly the values deviate from the average.

Lead Time

The amount of time that passes from the start of a process until its completion, often used in supply chain and project management.

Safety Stock

Additional inventory held to protect against uncertainties in demand or supply, ensuring product availability.