An Unbiased Estimator of a Population Parameter Is an Estimator

question 87

True/False

An unbiased estimator of a population parameter is an estimator whose expected value is equal to the population parameter to be estimated.

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Definitions:

Direct Labor

The cost of employee wages that is directly associated with the manufacturing of products or the provision of services.

Unfavorable

A term used to describe a situation or outcome that is not advantageous, detrimental, or negatively impacts objectives.

Direct Labor Time Variance

The difference between the estimated time to produce a good or service and the actual time taken, multiplied by the hourly labor rate.

Direct Labor

This references the cost of labor that can be directly attributed to the manufacture or production of specific goods or services.