A Three-Way Check Must Be Performed in a Procurement Process

question 29

True/False

A three-way check must be performed in a procurement process before posting an outgoing payment to a vendor.

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Definitions:

Normal Population

A statistical term referring to a population that follows a normal distribution where a large number of instances are clustered around the mean.

Probability Distribution

This mathematical method determines the chances of various results happening in an experiment.

Sample Mean

The average value of a sample, calculated by summing all observations and dividing by the number of observations.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, underlying the principle of estimation in inferential statistics.