The Data Reduction Process of Descriptive Statistics

question 7

Multiple Choice

The data reduction process of descriptive statistics

• A)allows a few meaningful numbers to summarize a large amount of datA.
• B)eliminates incorrect data.
• C)simply lists all available information in order.
• D)is rarely useD.

---

Definitions:

EOQ Model

Economic Order Quantity Model; a formula used to determine the optimal order quantity that minimizes total inventory costs.

Annual Ordering Cost

The total expenses associated with placing orders for goods or inventory over the course of a year.

Cost Of Borrowing

The total charge, including interest and any other fees, for obtaining funds from a lender.

Net 50

A payment term that indicates an invoice must be paid in full within 50 days.