The Centre-Of-Gravity Method Is Used to Find a Location That

question 51

True/False

The centre-of-gravity method is used to find a location that minimises transportation costs.

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Definitions:

Expected Value

The long-run average value of repetitions of the same experiment or random trial.

Sample Statistic

A measure derived from a sample portion of a population, typically used to estimate the characteristics of the entire population.

Population Parameter

A population parameter is a numerical value that represents a characteristic of an entire population, such as its mean or standard deviation.

Point Estimate

A statistical measure that provides the best single value estimate of a population parameter.