The Null Hypothesis in a Runs Test Is the Data

question 74

True/False

The null hypothesis in a runs test is the data series is random.

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Definitions:

Actual Labour Hours

The actual amount of labor time spent on a particular job or task, measured in hours.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity of materials that should have been used according to standards.

Standard Quantity

The expected or budgeted quantity of materials, labor, or overheads necessary for producing a unit of production or service under specified conditions.

Standard Price

A predetermined cost that companies use as a benchmark to measure the performance of actual costs.