Explain What Is Meant by a "Grease Payment" and Give

question 37

Essay

Explain what is meant by a "grease payment" and give two examples.

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Definitions:

Variance

The measure of how far each number in the dataset is from the mean and from each other, indicating the spread of the distribution.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values; a high standard deviation indicates that the values are spread out over a wider range.

Coefficient Of Variation

The coefficient of variation is a standardized measure of dispersion of a probability distribution or frequency distribution, expressed as a percentage of the mean.

Empirical Rule

A statistical principle that indicates almost all values in a normal distribution lie within three standard deviations from the average.