Examlex
The total direct labour variance can be broken down into two components: the efficiency variance and the price variance.
Two Tailed Test
A statistical test used to determine if there are differences in two directions, assessing the possibility of extreme outcomes in both tails of the distribution.
Test-statistic
A value calculated from sample data during hypothesis testing, used to determine whether to reject the null hypothesis.
Margin of Error
The margin of error is a statistic expressing the amount of random sampling error in a survey's results, indicating the range within which the true population parameter is expected to lie with a certain level of confidence.
Standard Deviation
a statistic that measures the dispersion of a dataset relative to its mean, indicating how spread out the numbers are.
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