In Terms of Probability Theory,the Standard Error Is Valuable Because

question 44

Multiple Choice

In terms of probability theory,the standard error is valuable because

• A)it is an estimate of the parameter.
• B)it is an estimate of the statistic.
• C)it indicates the extent to which the sample estimates will be distributed around the population parameter.
• D)it indicates the extent to which the sample estimates will be distributed around the population parameter and thereby gives us an estimate of the parameter.
• E)it indicates the extent to which the sample estimates will be distributed around the population parameter and thereby gives us an estimate of the statistic.

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Definitions:

Efficiency Variance

A measure in cost accounting used to assess the difference between the actual input used in production and the standard input expected to be used, for cost control purposes.

Direct Labour Hour

A measure of labor directly involved in manufacturing or production, calculated by the amount of time workers spend on specific tasks.

Fixed Overhead

Costs that do not change with the level of production or sales activities, such as rent, salaries, and insurance.

Budget Variance

The difference between the budgeted or planned amounts and the actual amounts incurred.