Use the Data Given Below to Answer the Following Question(s)

question 23

Multiple Choice

Use the data given below to answer the following question(s) .
On an average, the number of students that choose to study Arts subjects at Greyin Tide University is 17 each year.(Hint: Use Poisson distribution formula) .
-What is the probability that exactly 13 students will take up Arts in the coming year?

• A)0.08795
• B)0.20087
• C)0.04798
• D)0.06579

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Definitions:

Management By Exception

A management strategy where only significant deviations from planned results are brought to the attention of management, focusing efforts on areas that are not performing as expected.

Standard Costs

Preset costs established for the manufacture of a product, including direct materials, direct labor, and overhead expenses, against which actual costs are compared.

Fixed Overhead Cost Variance

The difference between the budgeted fixed overhead costs and the actual fixed overhead incurred.

Variance Analysis

The process of examining differences between actual and budgeted/expected financial performance and investigating the causes.