When Statisticians Analyze Sample Data in Order to Draw Conclusions

question 80

Multiple Choice

When statisticians analyze sample data in order to draw conclusions about the characteristics of a population, this is referred to as:

• A) Descriptive statistics
• B) Statistical inference
• C) Data analysis
• D) Data summarization

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Definitions:

Supplies Cost

The expenses associated with purchasing materials and supplies used in the operation of a business, not directly tied to production.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, such as utilities, maintenance, and factory management salaries.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit.

Direct Material Standards

The predetermined cost and quantity of materials required for the manufacturing of a product.