Explanation

LIFO stands for Last In First Out

It is a principle used in stack data structures, where the last item added is the first one removed.

This "last-in, first-out" order is the defining characteristic of a stack

Explanation

Blood types are non-numeric categories (A, B, AB, O), with no inherent order, so they are nominal.

Since each individual has only one blood type, the data is counted and presented in a discrete frequency distribution.

Explanation

To find the geometric mean, we need to multiply the numbers together and then take the nth root, where n is the number of values.

In this case, we have 4 numbers: 1, 2, 8, and 16.

First, multiply them together:

1 × 2 × 8 × 16 = 256

Then, take the 4th root (since there are 4 numbers):

256^(1/4) = 4

So, the geometric mean is 4.

Explanation

• Control charts and procedures of descriptive statistics used to enhance a process are classified as Statistical Process Control (SPC) tools.
• SPC is a methodology that uses statistical techniques to monitor and control processes to ensure they operate within predetermined limits.

Explanation

• Financial statements are the primary source of financial information for a company.
• They provide a comprehensive overview of a company's financial position, performance, and cash flows.

The three main financial statements are:

1. Balance Sheet
2. Income Statement (Profit & Loss Statement)
3. Cash Flow Statement

Explanation

If you own a business, financial statements are necessary for:

• Evaluating the financial performance of the business: Financial statements help you understand your company's financial position, profitability, and cash flows, enabling you to make informed decisions about its operations and strategy.
• Making investment decisions: Financial statements provide the information you need to evaluate potential investments, such as new projects or acquisitions, and to determine whether they align with your business goals and objectives.
• Applying for loans: Lenders require financial statements to assess your company's creditworthiness and ability to repay loans. Financial statements help demonstrate your company's financial stability and capacity to service debt.

Explanation

• When the number of unknowns is greater than the number of equations, the system is underdetermined, and there is no unique solution.
• In such cases, we use the method of least squares to estimate the unknowns.

Explanation

Deduction –  Reasoning from general principles to a specific conclusion

 This is a classic example of deductive reasoning, specifically a syllogism.

It demonstrates how a conclusion can be logically derived from two premises

Explanation

A Half Adder adds two binary digits.

Sum = A ⊕ B → 1 ⊕ 1 = 0

Carry = A ∧ B → 1 ∧ 1 = 1

Explanation

• The correct answer is 7 and 11, as both values appear with the same frequency (three times).
• This is an example of a bimodal distribution, where there are two modes.