If the Standard Deviation of a Population Is 70 and We

question 34

Multiple Choice

If the standard deviation of a population is 70 and we want the standard error (the standard deviation of the sample mean) to be 14, then we need to take

• A) 5 samples
• B) 25 samples
• C) 125 samples
• D) 625 samples

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Definitions:

Fill Rate

A metric that measures the percentage of customer or sales orders that are fulfilled from stock available, indicating the ability to meet demand.

Standard Deviation

An indicator of the extent of variability or spread within a dataset, showing how significantly the values deviate from the average.

Lead Time

The amount of time that passes from the start of a process until its completion, often used in supply chain and project management.

Safety Stock

Additional inventory held to protect against uncertainties in demand or supply, ensuring product availability.