Which of the Following Is True of Statistical Analysis of Data

question 11

Multiple Choice

Which of the following is true of statistical analysis of data?

• A)It allows the researcher to examine and interpret the pattern of results obtained.
• B)It includes a literature review that provides a background for a study.
• C)It does not enable researchers to decide if there is any relationship between the variables.
• D)It is usually the first step in a research and precedes data collection.

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Definitions:

Cost Variances

The difference between actual costs and standard or budgeted costs in business operations.

Standard Manufacturing Costs

The predetermined cost of manufacturing a single unit, including direct labor, direct materials, and manufacturing overhead, under normal conditions.

Sales Price Variance

The difference between the actual price at which goods are sold and the expected (or standard) selling price, affecting revenue.

Average Price

The mean amount paid or received over a range of prices, goods, or services, calculated by dividing the total cost by the number of units.