The Relative Frequency Approach to Probability Depends on the Law

question 86

True/False

The relative frequency approach to probability depends on the law of large numbers.

---

Definitions:

Capacity Level

The maximum output or production ability of a facility, operation, or system given its constraints and resources.

Planning Horizon

The time frame over which future events are considered or planned for in the process of strategic decision-making.

Aggregate Planning

A process of optimizing production plans and facility operations over a medium-term horizon, to balance demand and capacity.

Capacity Utilization

A measure of how effectively an entity uses its productive capacity. It's the percentage of total potential output that is actually being achieved.