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Why might nonparametric statistical methods be used for analysis?
Standard Direct Materials
The pre-determined amount and cost of raw materials used in the production of a product.
Variance
The difference between planned (budgeted) and actual figures in financial and operational contexts, identifying discrepancies.
Standard Costs
Predetermined costs assigned to goods and services, used as benchmarks to measure performance by comparing them with actual costs.
Standard Costs
Predetermined cost estimates used for budgeting purposes and measuring performance, often seen as benchmarks for the actual costs of production.
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