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operations research

the application of advanced analytical methods—such as mathematical modeling, optimization, and computer simulation—to the study of complex situations so as to obtain a comprehensive understanding that allows for accurate predictions of outcomes and estimates of risk and enables more rational, effective decision making. It is used particularly in management science and business contexts. Also called operational research.

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Psychology term of the day

November 19th 2024

parameter

parameter

n.

1. a characteristic of a population, such as the mean or standard deviation, that is described or estimated by a statistic obtained from sample data. For example, the mean score on a national exam for a sample of colleges provides an estimate of this parameter in the population of colleges.

2. any of the variables in a statistical model that is studied or used to explain an outcome or relationship.

3. an argument of a function.