What Does WIP Stand For

question 103

Multiple Choice

What does WIP stand for?

• A) work-in-process
• B) waiting inventory position
• C) warning of inventory position
• D) weight of inventory position
• E) waiting inventory potential

---

Definitions:

Empirical Rule

A statistical rule stating that for a normal distribution, nearly all data will fall within three standard deviations of the mean.

Bell-Shaped

Describes the graphical form of a distribution that is symmetric around its mean, visually represented as a bell-shaped curve, typically associated with the normal distribution.

Sample Standard Deviation

A measure of the dispersion or variability of a sample dataset, indicating how much the individual data points differ from the sample mean.

Range

The difference between the highest and lowest values in a dataset, providing a measure of spread.