Examlex
A direct labour price standard is frequently called the direct labour efficiency standard.
National Average
The mean value calculated from data points collected across a nation, often used in reference to economic, educational, or health indicators.
Test Statistic
A calculated value from sample data used to make decisions about hypotheses, typically measuring how far the sample evidence deviates from what is expected under the null hypothesis.
Normal Population
A population where the distribution of data points follows a normal (bell-shaped) distribution, characterized by a specific mean and standard deviation.
Confidence Interval
A range of values, derived from sample data, that are believed to contain the value of an unknown population parameter with a stated level of confidence.
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