A Manager Is Trying to Decide Which Product to Emphasize

question 96

Multiple Choice

A manager is trying to decide which product to emphasize in promotion and advertising efforts.Following the decision process used by managers,predictions about the amounts of future sales of the two products are used as input to the ________.

• A) prediction model
• B) prediction method
• C) decision model
• D) evaluation model

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Definitions:

Population Mean

The average value of all the members of a set or population.

Graduate Management Admission Test

A standardized test used by business schools as part of the admissions process, assessing analytical, writing, quantitative, verbal, and reading skills in written English.

Confidence Interval

A spread of statistical figures, obtained by analyzing samples, seen as encompassing the unseen value of a population parameter.

Standard Deviation

An index to assess the range of fluctuation or deviation in a series of numbers.