THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 137

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A general contractor has submitted two bids for two projects;A and B.The probability of getting project A is 0.60.The probability of getting project B is 0.75.The probability of getting at least one of the projects is 0.85.
-Are the events of getting the two projects mutually exclusive? Explain using probabilities.

Understand the concept and purpose of break-even point analysis.

Comprehend the fundamentals of inventory control systems, including economic order quantity.

Grasp the essence and sequence of activities in a value chain.

Recognize the principles of just-in-time scheduling and its impact on inventory management.

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Definitions:

Median

The middle value of a data set when it is ordered from least to greatest, separating the higher half from the lower half.

Ordered Data Set

A collection of objects or numbers arranged in a natural, chronologically sequential or hierarchical order.

Median

The value separating the higher half from the lower half of a data sample, a population, or a probability distribution, often used as a measure of central tendency.

Variability

A measure of the dispersion or spread of data points in a dataset, indicating how much the numbers differ from each other and from the mean.