Define the Following Terms

question 14

Short Answer

Define the following terms
-interval-level measurement

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Definitions:

Lost Sale

A situation in which a potential sale is not realized, often due to stock unavailability, pricing issues, or the customer's decision to purchase from a competitor.

Order Policy

Guidelines or rules defining how and when inventory orders should be placed to maintain optimal stock levels and minimize costs.

Random Numbers

Numbers generated in a sequence where each number has an unpredictable outcome, widely used in statistics, simulations, and cryptography.

Random Number Intervals

A range within which a random number falls, used in simulations and probabilistic models to represent uncertainty or variability.