(I the Standard Error of the Mean Is the Standard $\pm$

question 53

Multiple Choice

(i. The standard error of the mean is the standard deviation of the sampling distribution of the sample means.
(ii) The standard deviation of the sampling distribution of the mean is always smaller than the standard deviation of the population under study.
(iii) For a sampling distribution of the means, 95% of the means would be between $\pm$ 1.96 standard deviations.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) and (ii) are correct statements but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Just-in-time (JIT)

A production and inventory strategy that manufactures or acquires goods only as needed for immediate use, reducing waste and improving efficiency.

Order-to-delivery

The comprehensive process from the moment an order is placed until it is delivered to the customer.

Inventory Control

The systematic approach to ordering, storing, and using a company's inventory, ensuring adequate supply without excessive oversupply.

Quick Response System

A management approach designed to increase the efficiency of inventory management by reducing lead times and thus responding faster to market demand.