Final answer:
The standardized unit that provides the relative position of any observation in the distribution and is also the number of standard deviations that the observed value lies away from the mean is called the z-score.
Step-by-step explanation:
The standardized unit that provides the relative position of any observation in the distribution and is also the number of standard deviations that the observed value lies away from the mean, μ, is called the z-score (B).
A z-score represents how many standard deviations a data point is from the mean. It allows for comparison of data points in different distributions with different means and standard deviations. A positive z-score indicates a value above the mean, while a negative z-score indicates a value below the mean.
For example, if a data point has a z-score of 1, it means it is 1 standard deviation above the mean. If it has a z-score of -2, it means it is 2 standard deviations below the mean.