An Estimate of the Population Mean in the Form of a Single

question 88

Short Answer

An estimate of the population mean in the form of a single value, usually the sample mean, is called a(n) _____ ________.

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Definitions:

Organisational Performance

Organisational Performance refers to how well an organization achieves its predetermined objectives, encompassing efficiency, effectiveness, and financial performance.

Performance Appraisal

A systematic evaluation of an employee's job performance and productivity in relation to pre-established criteria and objectives.

Direct Material Standards

Established benchmarks for the cost and quantity of materials required for production processes.

Direct Material Price Variance

Direct material price variance is the difference between the actual cost of materials used in production and the expected (or standard) cost, indicating how effectively a company manages its resource costs.