Answer the following questions pertaining to just-in-time inventory management:
Definitions:
Margin Of Error
An expression of the amount of random sampling error in a survey's results, representing the extent to which the sample results might differ from those of the actual population.
Confidence Interval
A range of values, derived from the sample data, within which we can say with a certain level of confidence that the true population parameter lies.
Sample Size
The number of observations or subjects used in a study or experiment, critical for determining the study's reliability and representativeness.
Population Deviation
Refers to the measure of dispersion from the mean in a population data set, indicating the average distance from the mean for all population values.
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