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Describe the relationship between random sampling and representative samples.
Full Payment
The complete settlement of an obligation, such as the total amount owed for goods or services.
Positive Cost Variance
Occurs when the actual cost of a project is less than the budgeted amount, indicating under-spending or efficiency.
Under Budget
A situation in which the actual spending is less than what was originally planned or allocated for a project or activity.
Management Reserves
Funds set aside by management for unforeseen changes in the scope or cost of a project.
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