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Negotiations Should Not Be Used When There Are Time Constraints

question 18

True/False

Negotiations should not be used when there are time constraints, the specifications are not clearly stated, there are not enough sellers, and the dollar value is too low to consider using the competitive bidding process.


Definitions:

Probability

A measure of the likelihood that an event will occur, quantified between 0 (impossible) and 1 (certain).

Relative Frequency Histograms

Graphs that display the proportion or percentage of observations within each category/bin of the data.

Probability Histogram

A graphical representation that displays the probability distribution of a discrete variable.

Simple Events

Events in probability that consist of a single outcome and cannot be broken down further.

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