RELATIVE STATISTICAL ERROR title: relative statistical error (MM-IM) (SAP Library - Glossary)
RELATIVE STATISTICAL ERROR category: Inventory Management (MM-IM)
RELATIVE STATISTICAL ERROR explained:
An error that can occur in a sample-based physical inventory.
In combination with the probable degree of confidence (confidence level), the relative statistical error is a criterion for assessing the reliability of the estimate made based on the samples taken.
A relative statistical error and a probable degree of confidence are predefined for each inventory sampling procedure. A sample-based physical inventory is successful if, in addition to other criteria being satisfied, it can be claimed with the probable degree of confidence specified that the possible error between the estimated and actual (unknown) value is smaller than the predefined relative statistical error.
More terms such as relative statistical error in Dictionary R.
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