Review the Below Key Terms

question 67

Multiple Choice

Review the below key terms. Which one defines an operational decision that involves situations where established processes offer potential solutions?

• A)Optimization analysis decision
• B)Artificial intelligence decision
• C)Structured decision
• D)Unstructured decision

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Definitions:

Critical Value

The threshold value that a test statistic must exceed to reject the null hypothesis in a statistical test, determined by the significance level of the test.

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true, often denoted by alpha (α) and typically set at 0.05, 0.01, etc.

Sample Observation

An individual data point collected from a sample that is used for analysis and making inferences about the population.

Population Variance

A measure of the dispersion of all data points in a population from the population mean, indicating the diversity within the population.