What Is a Company Creating When It Uses Technology and Statistics

question 52

Short Answer

What is a company creating when it uses technology and statistics to identify supplier relationships and opportunities for greater efficiency?

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Definitions:

Population Standard Deviation

A measure of the dispersion or spread of all values in a population.

Sample Size

The number of observations or entities used in a study or experiment.

Measure of Variability

A statistic that describes the dispersion of data points in a dataset, such as range, variance, or standard deviation.

Parameter

A quantity that influences the outcome of a mathematical function or statistical operation, often a measure that describes a statistical population.