I as a General Rule of Thumb, If the Items

question 11

Multiple Choice

i. As a general rule of thumb, if the items selected for a sample are not replaced and the sample
Size is less than 5 percent of the population, the binomial distribution can be used to approximate
The hypergeometric distribution.
ii. If the probability of success does not remain the same from trial to trial when sampling is done
Without replacement, the hypergeometric distribution should be applied.
iii. In the hypergeometric distribution the probability of a success is not the same on each trail.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Narrow Range

A situation where variations or differences within data points, options, or outcomes are minimal or significantly limited.

Blue Ocean Strategy

A business strategy that focuses on creating new market spaces (blue oceans) where there is no competition, as opposed to competing in existing industries (red oceans).

Competitive Advantage

A situation or factor that places a company in an advantageous or dominant position over its rivals in the business.

SWOT Analysis

A strategic planning technique used to identify and assess Strengths, Weaknesses, Opportunities, and Threats.