Variance Is

question 47

Multiple Choice

Variance is

• A)a measure of the average, or central value of a random variable
• B)a measure of the dispersion of a random variable
• C)the square root of the standard deviation
• D)the sum of the squared deviation of data elements from the mean

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Definitions:

Manufacturing Cycle Efficiency

A measure of the efficiency of the production process, typically calculated as the value-added time as a proportion of the total throughput time.

Value-Added Time

The duration during which a product or service is being modified or enhanced to increase its value to the customer.

Throughput Time

The elapsed time from when production is started until finished goods are shipped.

Factory Floor

The operational area within a manufacturing plant where goods are actually produced, typically housing machinery, assembly lines, and workers.