Determine Whether the Given Value Is a Sample Statistic or a Population

question 146

Multiple Choice

Determine whether the given value is a sample statistic or a population parameter.
-A sample of 120 employees of a company is selected, and the average age is found to be 37 years.

• A)Population parameter
• B)Sample statistic

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Definitions:

Direct Labor

The wages or expenses incurred for labor that is directly involved in the manufacturing of a product.

Process

A series of actions or steps taken in order to achieve a particular end in business or manufacturing.

Job Order

A work instruction or order for producing a specific quantity of a product or service according to customer specifications.

Conversion Cost

The combined costs of direct labor and manufacturing overheads associated with converting raw materials into finished products.