Define and Explain the Terms: TRP, ARP, MRP, TFC, and MFC

question 10

Short Answer

Define and explain the terms: TRP, ARP, MRP, TFC, and MFC.

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Definitions:

COV

Coefficient of Variation, a standardized measure of the dispersion of a probability distribution or frequency distribution.

Bivariate Distribution

A probability distribution describing two random variables and how their probabilities are distributed over different ranges of values.

Variance

A statistical measurement of the spread between numbers in a data set, indicating how far each number in the set is from the mean.

Covariance

A measure that indicates the extent to which two variables change together, indicating the direction of their linear relationship.