The Application to Management of Techniques Such as Statistics and Computer

question 117

True/False

The application to management of techniques such as statistics and computer simulations is known as quantitative management.

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Definitions:

Fixed Cost

Costs that do not vary with the level of production or sales, remaining constant regardless of the amount of goods or services produced or sold.

Electricity

A form of energy resulting from the existence of charged particles, used as a power source for machinery and equipment.

Least-squares Regression

A statistical method used to determine the best-fitting line through a set of points by minimizing the squares of the distances of the points from the line.

Variable Component

A portion of a cost or expense that varies directly with production volume or activity level.