The Assumption of Independent Trials in a Binomial Distribution Is

question 63

True/False

The assumption of independent trials in a binomial distribution is not a great concern if the sample size is smaller than 1/20^th of the population size.

---

Definitions:

Perpetual Inventory Systems

are accounting methods where inventory records are updated immediately whenever a transaction happens, providing real-time inventory levels.

Computers

Electronic devices capable of processing information according to a set of instructions called programs.

Stocks

Financial instruments representing ownership shares in a company, allowing investors a claim on part of the company's profits.

Just-in-time Inventory System

A strategy to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.