Examlex
A teacher returns an exam with possible scores ranging from 0 to 100. The students suspect that the majority of them performed poorly on the exam and request summary statistics. The teacher provides the mean, which was 72, as a summary statistic. A total of 400 students took the exam. Some of the students find the mean to be high, based on talking to other students. They take a random sample of 15 students, and they find that the mean equals 71.5 while the median equals 62. Based on this result, we conclude that:
Degree Of Uncertainty
The extent to which outcomes are unpredictable in a given scenario, affecting decision-making processes and risk management.
Delphi Technique
A structured communication method that uses a panel of experts to reach a consensus on a particular issue through rounds of questionnaires and feedback.
Future HR Demand
The anticipated need for human resource personnel and skills in the future, based on organizational goals and market trends.
Qualitative Forecasting
A method of prediction that uses non-numeric data such as expert opinions, market trends, and other unquantifiable information to anticipate future events.
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