Author Question: The EOQ model is insensitive to small variations or errors in the cost estimates. Indicate whether ... (Read 148 times)

Marty

  • Hero Member
  • *****
  • Posts: 553
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

  • Sr. Member
  • ****
  • Posts: 372
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

For a complete list of videos, visit our video library