To Standardize a Variable You

question 70

Multiple Choice

To standardize a variable you

• A)subtract its mean and divide by its standard deviation.
• B)integrate the area below two points under the normal distribution.
• C)add and subtract 1.96 times the standard deviation to the variable.
• D)divide it by its standard deviation, as long as its mean is 1.

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Definitions:

Unpredictable Demand

A market condition where the desire for products or services cannot be accurately forecasted due to variability in consumer behavior, trends, or external factors.

Stable Demand

Relates to a market condition where the desire for a product or service remains relatively constant over time.

High Level

Pertaining to a broad, general approach or overview, often referring to decisions or strategies that are made at the upper echelons of an organization.

Large Inventories

Holding significant amounts of stock to handle demand fluctuations, reduce reorder frequency, or ensure product availability.