A ________ Is a Summary Description of a Fixed Characteristic

question 73

Multiple Choice

A ________ is a summary description of a fixed characteristic or measure of the target population.It denotes the true value that would be obtained if a census rather than a sample was undertaken.

• A)statistic
• B)precision level
• C)finite population correction
• D)parameter

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Definitions:

Cost Control

The practice of managing and reducing business expenses through efficient and effective resource allocation.

Modern Cost Management

An approach to cost management that incorporates advanced techniques and technologies to analyze and optimize costs across various business activities.

Machining Process

A manufacturing process involving the shaping of metal and other materials through cutting, boring, grinding, or drilling.

Assembling Process

The phase in manufacturing where components are put together to form a finished product.