Lean Thinking Is Both a Philosophy and a Business Strategy

question 152

True/False

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

---

Definitions:

Sample Mean

is the average value of a subset of observations from a larger population.

Sample Variance

Sample variance is a measure of the dispersion or variability of a sample dataset, calculating how much the numbers differ from the sample mean.

Consistent

A statistical property indicating that as the size of the sample increases, the estimator converges in probability to the parameter being estimated.

Unbiased Estimators

Statistical estimators that, on average, accurately predict the value of a population parameter without systematic error.