Examlex
A direct labor efficiency variance is favorable if laborers actually work more hours than the flexible budget calls for to produce the actual quantity of output.
Sample Means
The arithmetic average of a set of values or measurements taken from a sample of a larger population.
Z-test
An analytical procedure in statistics that checks for differences between the means of two groups when the variances are established and there is a considerable number of samples.
Standard Error
A measure of the dispersion or variation of the sampling distribution of a statistic.
Level of Significance
The criterion used in statistical testing to decide whether to reject the null hypothesis, represented by a probability value (e.g., 0.05 or 5%).
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