Operations Management Is the Management of Systems or Processes That

question 43

Short Answer

Operations management is the management of systems or processes that converts or transforms ___________ into goods and services.

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Definitions:

Random Variable

A variable that can take on different numerical values based on the outcome of a random event.

Discrete

A term describing any set of data that can only take on specific, distinct values and cannot be subdivided meaningfully, such as countable items.

Continuous

Pertains to quantities that can assume an infinite number of values within a given range.

Categorical

Describes variables that can take on one of a limited and usually fixed number of possible values, assigning each individual or other unit of observation to a particular group or nominal category.