Examlex
Safety time is sometimes used in MRP rather than safety stock quantities.
Observations
Elements of a sample or population that have been collected and can be analyzed statistically.
Normal Population
A statistical population where the data points are distributed evenly around the mean, typically forming a bell-shaped curve known as a normal distribution.
Significance Level
The probability of rejecting the null hypothesis in a statistical test when it is actually true, often denoted by alpha and used to determine the threshold for statistical significance.
Test Statistic
A numerical value calculated from sample data that is used in a statistical test to evaluate the plausibility of a hypothesis about a population parameter.
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