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Author Question: The EOQ model is insensitive to small variations or errors in the cost estimates. Indicate whether ... (Read 116 times)

Marty

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on: Jun 24, 2018
The EOQ model is insensitive to small variations or errors in the cost estimates.
  Indicate whether the statement is true or false

Question 2

Define each of the following statistical terms:
 a. Descriptive statistics
  b. Statistical inference
  c. Confidence level
  d. Significance level
  e. Population
  f. Sample


lgoldst9

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Reply #1 on: Jun 24, 2018
Answer to Question 1

T

Answer to Question 2

a. Descriptive statistics is organizing, summarizing, and analyzing data to describe a sample.
b. Statistical inference is the process of making an estimate, prediction, or decision about a population based on sample data.
c. The confidence level is the proportion of times that an estimating procedure will be correct.
d. The significance level is the proportion of times that a conclusion about a population will be wrong.
e. A population is the group of all items of interest to a statistics practitioner.
f. A sample is a set of data drawn from the studied population.


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