Explain What Is Meant by the Term utility

question 20

Essay

Explain what is meant by the term utility.What type of utility is created when a pharmacy changes its evening schedule to remain open for an extra hour in response to customer needs?

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Definitions:

Observation

An act of noting and recording something, typically used in the context of data collection in scientific studies or research.

Errors

The differences between observed values and the values predicted by a model, showcasing the discrepancies that can arise in data analysis.

Normally Distributed

Normally distributed refers to a dataset that follows a Gaussian distribution, where data tends to cluster around a central mean with a predictable spread.

Residuals

Differences between observed values and the estimated values provided by a model.