Please Define the Following Key Terms

question 54

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Werner Heisenberg

Recognize the roles and responsibilities of operations management in organizations.

Identify the similarities and differences between goods and services in the context of operations management.

Understand the characteristics unique to service operations, including labor intensity and customization.

Acknowledge the universal application of the transformation process across various types of organizations.

---

Definitions:

Discrete Random Variable

A discrete random variable is one that takes on countable values, often resulting from outcomes of a statistical experiment.

Discrete Random Variable

A type of random variable that can take on a countable number of distinct and separate values.

Weighted Average

An average that attributes different weights to elements in the dataset, reflecting their varying levels of importance or frequency.

Expected Value

The long-run average value of repetitions of the experiment it represents, in probability and statistics.