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Companies Must Balance the Number of Items in a Product

question 5

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Companies must balance the number of items in a product line.Too many items and customers find it difficult to see the differences between the products.Too few products and the company runs the risk of _______.


Definitions:

Unimodal

Describing a distribution with a single peak or mode, representing the most frequently occurring value.

Empirical Rules

A set of guidelines that indicate how the data are spread in a normal distribution, specifically stating that approximately 68%, 95%, and 99.7% of the data fall within one, two, and three standard deviations from the mean, respectively.

Standard Deviations

A measure of the amount of variation or dispersion of a set of values, indicating how much the values differ from the mean.

Observations

Data collected or noticed during an experiment or study, often referring to the individual data points or recorded occurrences.

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