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What variance is best for measuring operating performance?
Efficiency variance can be a good metric because it measures how efficiently inputs were used to produce output.
Why measures of dispersion are important along with measures of central tendency to understand the nature of the data?
Central tendency will only give you information on the location of the data. You also need dispersion to define the spread of the data. In addition, shape should also be part of the defining criteria of data. So, you need: location, spread & shape as best measures to define data.
Which of the following best explains step 2 of the ORM six step process?
the assessment step involves the application of quantitative or qualitative measures to determine the probability and severity of ill effects potentially resulting from exposure to a hazard
Which graph type would be best suited for showing the annual salary that is more than 75 percent of all other annual salaries in a certain company?
box and whiskers
What situation best illustrates the problem of selection bias in public opinion polling?
A polling company attempts to predict the outcome of a presidential election, but only contacts people who subscribe to major political journals.
