Which Measure(s)of Central Location Is/are Meaningful When the Data Are

question 10

Multiple Choice

Which measure(s) of central location is/are meaningful when the data are ordinal?

• A)The mean and median
• B)The mean and mode
• C)The median and mode
• D)Only mean

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Definitions:

Mature Products

Products that have reached the end of their growth phase in the product life cycle, characterized by stable sales and minimal innovation.

Stable Demand

A market condition where the desire for a product or service remains consistent over a period of time, unaffected by short-term fluctuations.

Collaborative Forecasting

A process where multiple stakeholders, often from different levels of the supply chain, work together to predict future demand or trends.

Forecast Error

The difference between the actual outcome and the predicted outcome, often used in the context of demand forecasting in supply chain and finance.