A Grocery Store Is Trying to Find a New Vendor

question 56

Multiple Choice

A grocery store is trying to find a new vendor for carrots. Its three criteria are 1. Freshness, 2. Lot Size, and 3. Cost with factor weights of .6, .1, and .3 respectively. What would a vendor with ratings of 6, 8, and 10 in the three respective categories score as a weighted total?

• A) 24
• B) 1
• C) 7.4
• D) 9.8
• E) none of the above

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Definitions:

Resamples

The act of drawing repeated samples from a larger dataset, often used in bootstrapping and other statistical methods to estimate the precision of sample statistics.

Measurements

The act or process of quantifying physical properties, dimensions, quantities, or capacities using standard units.

Bootstrap Confidence Interval

A statistical method for estimating the range within which a population parameter is likely to lie, based on resampling the original data with replacement.

Average Grade

The mean score of a group of grades, calculated by adding all the grades and then dividing by the number of grades.