A Set of Possible Values That a Random Variable Can

question 170

Multiple Choice

A set of possible values that a random variable can assume and their associated probabilities of occurrence are referred to as __________.

• A) Probability distribution
• B) The expected return
• C) The standard deviation
• D) Co-efficient of variation

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Definitions:

Responsibility Center

A unit within an organization, such as a department or division, accountable for controlling costs, generating revenues, or managing assets.

Profit Center

A separate business unit or department within a company that is responsible for generating its own revenue and profit.

Cost Center

A department within a company that does not directly add to profit but still incurs costs, such as the customer service department.

Managerial Responsibility

The accountability of managers to make decisions and oversee a company's operations to meet its goals.