Define Statistical Thinking

question 41

Essay

Define statistical thinking.

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Definitions:

Behaviour

The actions or reactions of a person or system in response to external or internal stimuli.

Contribution Margin

The amount remaining from sales revenue after variable expenses have been deducted, contributing to covering fixed expenses and profit.

Variable Expenses

Expenditures that change in direct relation to production levels or sales quantities.

Mixed Cost

A cost composed of a mixture of fixed and variable components. Costs are fixed for a set level of production or consumption, becoming variable with further production or consumption.