The Binomial Distribution Can Be Used to Model the Number

question 32

True/False

The binomial distribution can be used to model the number of rare events that occur over a given
time period.

---

Definitions:

Management Science

A multidisciplinary approach to solving complex problems for businesses using analytical methods.

Operations Management

The field of management concerned with overseeing, designing, and controlling the process of production and redesigning business operations.

Just-In-Time Performance

A strategy focusing on minimizing inventory and producing goods exactly when needed to meet demand, aiming for efficiency and waste reduction.

Mass Customization

An approach to manufacturing that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production.