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A company is planning to build a new facility in a foreign country,and the success or failure of this venture depends on the demand for the products produced at the facility.It estimates that there is a 70% probability of high demand for the products and a 30% probability of low demand.This is an example of ______.
Standard Deviation
A statistical measure that quantifies the dispersion or spread of a set of data points relative to its mean.
Median
The median is the central number in a set of data that has been organized in either increasing or decreasing sequence.
Bimodal Data
A distribution of data showing two distinct peaks or modes, indicating two predominant values within the dataset.
Population Mean
The mean of all members of a whole population, representing the central tendency of the population data.
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