Examlex
Solve the problem.
-If two fair dice are rolled, find the probability of a sum of 6 given that the roll is a ʺdoubleʺ.
Standard Deviation
A measure of the dispersion or variation in a set of values, indicating how much the values deviate from the mean on average.
Perfectly Positively Correlated
A statistical term describing two variables that move in the same direction with a correlation coefficient of +1, indicating a perfect positive linear relationship.
Cycle Inventory
Inventory that a company holds to meet its normal sales operations, varying over the course of an operating cycle or period.
Forecasted Demand
An estimate of the quantity of a product or service that consumers will purchase in the foreseeable future.
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