A soap manufacturer is experimenting with several formulas of soap powder. Three of the formulas were selected for further testing by a panel of homemakers. The ratings for the three formulas are as follows: 
What is the number of degrees of freedom?
Definitions:
Forward Contract
An agreement customized for two individuals to either buy or sell a particular asset at a price decided upon for a future date.
Hedging
A strategy used to reduce or eliminate the risk of adverse price movements in an asset, often by taking an offsetting position in a related security.
Transformation Process
The series of actions or operations conducted in manufacturing or service environments that convert inputs into finished products or outcomes.
Outputs Produced
Refers to the quantity or volume of products or services generated by a business or production process.
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