Questions

Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data.

All scientists uses Statistics for analysing data.

Solely means only, simply or merely.

A given quantity of finished goods requires a given quantity of raw materials and components to make them. Materials requirement planning systems to make them. Materials requirements planning systems are computerized tools that manage when materials must be ordered to supply production at a later date. MRP is effective when output quantities are known.Small business owners are often their own MRP systems,storing the information needed to supply prodution in their knowledge and experience. Activities such as computer tracking inventory and forecasting demand are MRP activities.

The Project Risk Management Processes include the following:

Risk Management Planning - Deciding how to approach , plan, and execute the risk management activities for a project

Risk Identification - Determining which risks might affect the project and documenting their characteristics.

Qualitative Risk Analysis - Prioritizing risks for subsequent further analysis or action by assessing and combining their probability of occurrence and impact

Quantitative Risk Analysis - Numerically analyzing the effect on overall project objectives of identified risks

Risk Response Planning - Developing options and actions to enhance opportunities , and to reduce threats to project objectives.

Risk Monitoring and Control - Tracking identified risks, monitoring residual risks, identifying new risks, executing risk response plans, and evaluating their effectiveness throughout the project life cycle.