Briefly Define a Business Cluster

question 26

Essay

Briefly define a business cluster.Give a location that exemplifies a real-life example of a business cluster.Describe why it should be considered a business cluster.

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Definitions:

Bootstrap Estimates

Bootstrap estimates refer to statistical estimates obtained by repeatedly sampling, with replacement, from a data set to assess the distribution of an estimator.

Sampling Distribution

The chance distribution linked to a specific statistic, emanating from a randomly selected sample.

Bias

A systematic error in a statistical analysis or measurement process that leads to incorrect conclusions or estimates.

Standard Error

A statistical measure that estimates the accuracy with which a sample distribution represents a population using the standard deviation.