Define the Following Terms

question 41

Short Answer

Define the following terms
-level of statistical significance

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Definitions:

P-Value

The probability of obtaining test results at least as extreme as the results actually observed, under the assumption that the null hypothesis is correct.

Cost Behaviour

The study of how specific costs change in relation to changes in a company’s level of activity or volume of production.

Cost Predictions

The process of estimating the costs that a company will incur over a specific period, often used for budgeting and financial planning purposes.

Variable Costs

Costs that vary directly with the level of production or volume of output, such as materials and labor directly involved in manufacturing.