The Successful Introduction and Adoption of a New Product or Process

question 7

Multiple Choice

The successful introduction and adoption of a new product or process is called

• A) invention.
• B) innovation.
• C) economies of scale.
• D) economic growth.

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Definitions:

Average Y

The mean or central value of a set of data designated as 'Y'.

Prediction Interval

A range of values that is likely to contain the value of a variable for an individual prediction, taking into account the uncertainty around the estimate.

Residual

The difference between an observed value and the value predicted by a model.

Scatter Diagram

A scatter diagram, or scatter plot, is a type of plot or mathematical diagram using Cartesian coordinates to display values for typically two variables for a set of data, indicating the relationship between them.