In the Classical Approach,probability Is the Proportion of Times an Event

question 29

True/False

In the classical approach,probability is the proportion of times an event is observed to occur in a very larger number of trials.

---

Definitions:

Sales Commissions

Fees paid to salespersons for selling products or services, often a percentage of the sale amount.

Shipping Expenses

Costs incurred by a company to transport its products to customers, often classified as part of operating expenses.

Sales Manager's Salary

The compensation paid to the individual responsible for directing and managing a company's sales team and strategies.

Flexible Budget

A financial planning tool that can be modified based on actual operating figures, providing a more relevant comparison of actual to budgeted performance.