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Explain the characteristics of standardized tests that set them apart from other types of tests. Describe the purpose of standardized tests and provide examples of how educators can use the information gained from these tests to reduce student differences in academic performance. Be sure to include the concepts of aptitude and achievement in your discussion.
Annual Cost Savings
The reduction in costs achieved during a fiscal year, often as a result of process improvements or cost-cutting measures.
Net Present Value
The difference between the present value of cash inflows and the present value of cash outflows, used in capital budgeting to assess the profitability of an investment or project.
Present Investment
Present investment refers to the current amount of money allocated for particular assets or projects, focusing on capital allocation and potential returns.
Total Cost Approach
The total cost approach is an assessment method that considers all possible costs related to a product or project, including direct, indirect, fixed, and variable costs.
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