The High-Low Method Is One of the Most Accurate Methods

question 51

True/False

The high-low method is one of the most accurate methods for estimating costs,because its estimates are based on the data set as a whole.

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Definitions:

Convenience Sampling

A nonprobability method of sampling whereby elements are selected for the sample on the basis of convenience.

Nonprobabilistic Sampling

A sampling method where the elements of the population do not have a known or equal chance of being selected.

Probabilistic

Pertaining to the use of or grounded in the theory of probability and the randomness of outcomes.

Stratified

A sampling method that involves dividing a population into smaller groups, known as strata, that share similar characteristics.