Tests for Ordinal Data ______

question 47

Multiple Choice

Tests for ordinal data ______.

• A) are nonparametric tests
• B) do not measure variance to test for significance
• C) minimize problems associated with having outliers in a data set
• D) all of these

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Definitions:

Standard Cost

A predetermined cost of manufacturing a single unit or a specified quantity of a particular product or service, used as a benchmark to measure performance.

Direct Material

Raw materials that are directly attributable to the product being manufactured and can be easily traced in the manufacturing process.

Output

In economic and production contexts, this refers to the total amount of goods or services produced by a company or economy.

Actual Cost

The true expenditure incurred for manufacturing, operations, or project activities.