The optimal level in the trade-off between measurement and error costs is when
A)measurement costs are greater than error costs.
B)measurement costs and error costs are minimized.
C)measurement costs are less than error costs.
D)the total of measurement costs and error costs are maximized.

Question

Quizplus · Accepted Answer

The optimal level in the trade-off between measurement and error costs occurs when both the measurement costs and the error costs are minimized. This means finding a balance between obtaining accurate measurements and minimizing the costs associated with obtaining those measurements, as well as minimizing the costs associated with any errors that may occur. Achieving this balance is the best choice for any measurement process.

The Optimal Level in the Trade-Off Between Measurement and Error