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Managers Who Set Standards and Keep a Group Focused on Its

question 52

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Managers who set standards and keep a group focused on its goals are said to excel in


Definitions:

Expected Value

The long-run average value of repetitions of the experiment it represents, in probability and statistics.

Error

The difference between a measured or calculated value and its true value; often used in statistics and scientific experiments.

Confidence Interval Estimate

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter.

Prediction Interval

An estimate of an interval in which future observations will fall, with a certain probability, given what has already been observed.

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