The Sum of Relative Frequencies in a Distribution Always Equals

question 101

True/False

The sum of relative frequencies in a distribution always equals 1.

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Definitions:

Simulation Models

Are computational tools used to imitate the operations of real-world processes or systems for the purpose of analysis or decision-making.

Setup Cost

The expenses associated with configuring or preparing equipment, machinery, or production lines for manufacturing a new product batch or type.

Operate

Operate refers to the process of controlling and managing the functions of systems, machinery, or organizations.

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A systematic process for envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.