The Distinguishing Feature of Probability Samples Is That

question 4

Multiple Choice

The distinguishing feature of probability samples is that

• A) they involve personal judgment somewhere in the selection of sample elements.
• B) each population element has an equal chance of being included in the sample.
• C) each population element has an equal chance of being included in the sample and every combination of n population elements is a sample possibility.
• D) each population element has a known chance of being included in the sample.
• E) they will always be more representative of the population than nonprobability samples.

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Definitions:

Stockout

A situation where the demand for a product exceeds the available supply, resulting in an inability to fulfill customer orders.

Sales Distribution

The process and system by which a company gets its products or services to its customers efficiently.

Optimal Order Size

The quantity of inventory that minimizes the total costs associated with ordering and holding inventory, often calculated using the Economic Order Quantity model.

Annual Inventory Cost

The total costs associated with holding and managing inventory over a year, including costs related to storage, insurance, and obsolescence.