The Gauss-Markov Theorem Proves That A $t$ Distributed $X _ { 1 } , \ldots , X _ { n }$

question 28

Short Answer

The Gauss-Markov Theorem proves that a. the OLS estimator is $t$ distributed.
b. the OLS estimator has the smallest mean square error.
c. the OLS estimator is unbiased.
d. with homoskedastic errors, the OLS estimator has the smallest variance in the class of linear and unbiased estimators, conditional on $X _ { 1 } , \ldots , X _ { n }$ .

Recognize the concept and importance of SPIN selling and adaptive selling in personal selling.

Appreciate the critical role of salespeople as links between the firm and customers.

Acknowledge the importance and steps of the personal-selling process, including prospecting and sales presentations.

Understand the various roles and responsibilities of sales personnel (salespeople, sales managers, technical specialists, etc.).

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Definitions:

PERT

An acronym for Program Evaluation and Review Technique, a statistical tool used in project management, designed to analyze and represent the tasks involved in completing a given project.

Pareto Analysis

A method used in quality control and business to identify the few critical causes that account for most of an effect, enabling prioritization of effort.

Project Life Cycle

The series of phases that a project goes through from its initiation to its closure.

Variable Costs

Expenses that vary directly with the level of production or output, such as materials and labor costs.