RANDOM VARIATION
The variability that is contained within a process that cannot be determined. These fluctuations and variations are caused by erratic and irregular actions that are the result of random chance. These random
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The variability that is contained within a process that cannot be determined. These fluctuations and variations are caused by erratic and irregular actions that are the result of random chance. These random
The gradual increase in energy, manpower or quantities. Often when a production begins only a small quantity is produced. Over a period of time more and more is produced and moremoney is
Definable specifications and objectives that can be given numerical values.
The noise that is heard when one radio wave is inteferred with by another radio wave of the same length. An electronic buzz that is heard when tuning into radio stations.
Frank Galton invented this in the 1890’s in the UK. A tool that is used to represent and to create a frequency distribution. It has boards and pegs through which they pass
The discount that is applied by the retailer or wholesaler when a certain quantity of a product is brought by the one person. The discount will be applied to a one time
1. The quality of an object that allows it to be rated or appriased under certain criteria. 2. A proportionate ratio of the whole. 3. A taxable quantity.
Do you know about Raster Graphics? These graphics are made up of thousands of tiny pixels. When a raster image is enlarged you can see allof the little dots that go together
A model that is 3 dimensional and generated by a computer from a CAD drawing. The creation of this prototype model is made using different techniques. These techniques are selective laser sintering,
The adjustment of a computerised image so that it can be printed by a dot matrix printer or laser printer. The image will be adjusted in such a way that it becomes
A short-lived decay product or radon 222. the isotopes are from the decay from bismuth 214, known as radium C, lead 214, known as radium B and polonium 214 and 218 that
A method of decision making that ranks the importance of each project. They are ranked by a set of criteria such as cash flow, risk factors, capital appreciation. The allocation of capital
A slip or chit that is given when an item is on sale and is unavailable for any reason. Gthe peron is able to buy the item when supplies are restocked. The
The value of a property on the real estate market. This value is based on the annual rent received for the property. A ratable value will be assessed to determine if any
Something that has more than one underlying option associated with it. These options are called colors. Hence the term rainbow option. These factors cannot be combined as one factor.
A chart that is used to control the s tability of the variables of a product. A product will be stable over a set range of variables and it will tracked during
The analysis of any measurable data. This data is verifiable and measurable. Data such as wages, earnings, market shares and other items.
A gas that occurs naturally as the by product of the decay of naturally occuring uranium. The gas is both odourless and colourless. Although named a s aknown carcinogen by the EPA
Named after Frank Ramsey, known as the elastic rule. This is a term used to imply that if the market increases the price will increase accordingly. People used to buying a product
A concept used in economics that states that the m oney supply willaffect the level of economy and the rate of inflation.
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