A First Major Step in the History of P/OM Development

question 70

Multiple Choice

A first major step in the history of P/OM development was

• A)scientific management.
• B)lean production systems.
• C)interchangeable parts.
• D)global competition.

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Definitions:

Error Variable

The difference between observed and predicted values in a statistical model, often referred to as the residual.

Sum of Squares for Error

A measure of the discrepancies or variations between observed and predicted values in a data set, used in statistical analysis.

SSE

Sum of Squared Errors, a measure of the discrepancies between the data and an estimation model.

Minimized

In statistical or mathematical context, refers to the process of reducing a quantity to its smallest possible value or making an equation or function as small in value as possible.