Variance Analysis Is

question 1

Multiple Choice

Variance analysis is:

• A) A means of staying on track in terms of timelines
• B) One way to monitor the work of employees
• C) A means of checking for budget deviations
• D) A measure of effective service delivery

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Definitions:

Sample Variance

A measure of variability or spread in a sample dataset, indicating how much the individual sample points deviate from the sample mean.

Critical Value

The threshold value that a test statistic must exceed to reject the null hypothesis in a statistical test, determined by the significance level of the test.

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true, often denoted by alpha (α) and typically set at 0.05, 0.01, etc.

Sample Observation

An individual data point collected from a sample that is used for analysis and making inferences about the population.