Retailers Generally Have No Prior Knowledge of the Merchandise They

question 48

True/False

Retailers generally have no prior knowledge of the merchandise they will be receiving from suppliers in any particular shipment.

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Definitions:

Parameter

A numerical characteristic of a statistical population, such as a mean or standard deviation, that describes some aspect of the population.

Simple Random Sample

A sample in which each member of the population has an equal chance of being selected.

Finite Population

A population set that contains a countable number of individuals or observations.

Nonsampling Error

Any difference between the value of a sample statistic (such as the sample mean, sample standard deviation, or sample proportion) and the value of the corresponding population parameter (population mean, population standard deviation, or population proportion) that is not the result of sampling error. These include but are not limited to coverage error, nonresponse error, measurement error, interviewer error, and processing error.