Table of contents

1. Introduction to Statistics53m
2. Describing Data with Tables and Graphs2h 1m
3. Describing Data Numerically1h 48m
4. Probability2h 26m
5. Binomial Distribution & Discrete Random Variables2h 55m
6. Normal Distribution & Continuous Random Variables1h 48m
7. Sampling Distributions & Confidence Intervals: Mean2h 8m
8. Sampling Distributions & Confidence Intervals: Proportion1h 20m
- Sampling Distribution of Sample Proportion
  35m
- Confidence Intervals for Population Proportion
  45m
9. Hypothesis Testing for One Sample2h 23m
10. Hypothesis Testing for Two Samples3h 25m
11. Correlation1h 6m
12. Regression1h 4m
13. Chi-Square Tests & Goodness of Fit1h 30m
14. ANOVA1h 4m

1. Introduction to Statistics

Intro to Stats

Statistics for Business

1. Introduction to Statistics

Intro to Stats

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Multiple Choice

A “routine buy” on the strategic sourcing matrix has which of the following characteristics?

High value and low supply risk

Low value and low supply risk

Low value and high supply risk

High value and high supply risk

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Verified step by step guidance

Understand the strategic sourcing matrix: It is a tool used in procurement and supply chain management to categorize purchases based on their value and supply risk.

Define the characteristics of a 'routine buy': A routine buy typically involves items that are of low value and have low supply risk. These are standard purchases that do not require extensive management or strategic planning.

Analyze the options provided: Evaluate each option based on the definitions of value and supply risk. For example, high value and low supply risk would not fit the definition of a routine buy because routine buys are low value.

Match the correct characteristics: Identify the option that aligns with the definition of a routine buy, which is low value and low supply risk.

Conclude the reasoning: Confirm that the correct answer is 'Low value and low supply risk,' as this matches the characteristics of a routine buy in the strategic sourcing matrix.