If the P-Value of a Statistical Test Was

question 20

Multiple Choice

If the p-value of a statistical test was .03, it would indicate the chance of making a _____ is 3 chances out of 100.

• A) type 1 error
• B) type 2 error
• C) type 1 or type 2 error
• D) type 1 and type 2 error

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Definitions:

Process Reengineering

The fundamental rethinking and redesign of business processes to achieve dramatic improvements in critical measures of performance.

Competitive Advantage

The attribute that allows an organization to outperform its competitors, leading to greater sales or margins and/or retaining more customers.

Mass Production

A manufacturing process characterized by the high-volume production of standardized goods using assembly line techniques.

Assembly-Line System

An efficient manufacturing process where a product is assembled step by step in a sequential manner by workers stationed at fixed positions.