Examlex
Which type of sampling procedure selects initial respondents using probability methods and selects subsequent respondents from information provided by those initial respondents?
Monte Carlo Simulation
A computational technique used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables.
Standard Distribution
Often refers to a probability distribution that is used to represent the dispersion of a set of data around its mean, typically assumed to be a normal distribution.
Monte Carlo Simulation
A computational algorithm that uses repeated random sampling to obtain numerical results, often used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables.
Demand During Lead Time
The total customer demand for a product during the period it takes to reorder and receive a new supply.
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