Examlex
The direct materials usage variance is the sum of the actual quantities and the standard quantities of units.
Binomial Random Variables
A type of random variable that arises from Bernoulli trials and describes the number of successes in a fixed number of trials.
Normal Approximation
Normal approximation is a statistical method that involves approximating a binomial distribution to a normal distribution under certain conditions, facilitating easier calculations.
Positively Skewed
A distribution of data where most values are concentrated on the left side, with a long tail extending to the right.
Standard Error
A statistic that measures the dispersion of sample means around the population mean.
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