Examlex
i. A continuity correction compensates for estimating a discrete distribution with a continuous distribution. ii. The normal probability distribution is generally deemed a good approximation for the binomial probability distribution when np and n(1 -p) are both greater than five.
iii. When a continuity correction factor is used, its value is 1.
Marginal Cost
This is the additional cost of producing one more unit of a good or service.
Multiple Suppliers
A sourcing strategy where a company uses various suppliers to mitigate risks and ensure a steady supply of products or components.
Bullwhip Effect
The increasing fluctuation in orders that often occurs as orders move through the supply chain.
Orders Decrease
A situation where the number of orders for products or services is reducing, potentially impacting company revenue and production planning.
Q12: Which is true for a binomial distribution?<br>A)
Q19: For a population that is not normally
Q21: Let X represent the number of children
Q26: A recent study compared the time spent
Q41: A company is researching the effectiveness of
Q66: What must both np and n(1 -
Q70: A manufacturer claims that less than 1%
Q118: A sample of 500 evening students revealed
Q120: Which of the following is NOT a
Q135: i. Two examples of a hypothesis are: