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In order to ensure the safety of school classrooms the local Fire Marshall does an inspection at Thomas Jefferson High School every month, looking for faulty wiring, overloaded circuits, etc. At TJHS the new Academic Wing has 5 math rooms, 10 science rooms, and 10 English rooms. The science rooms are divided into 8 biology and 2 chemistry rooms. Each month, the Fire Marshall randomly picks one of the rooms in the new wing to inspect each month. Define the following events: S = the event the selected room is a science room B = the event the selected room is a biology room M = the event the selected room is a math room E = the event the selected room is an English room C = the event the selected room is a chemistry room Calculate the probabilities of the events described below:
a) P(S)
b) P(M or E )
c) P(E or B) d) P(S and not C)
Materials Price Variance
The difference between the actual cost of materials used in production and the standard cost multiplied by the actual quantity of materials used.
Materials Quantity Variance
This variance measures the difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit of material.
Safety Suits
Specialized protective clothing designed to safeguard the wearer from hazardous conditions or substances in various work environments.
Net Operating Income Variance
The difference between the actual net operating income and the budgeted or forecasted net operating income, used to assess a business's performance.
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