Examlex
The most significant cost for a service firm is direct materials cost.
Two-Tailed Test
A hypothesis testing approach that allows for the possibility of an effect in two directions, either higher or lower than the null hypothesis, and hence tests for the presence of any significant difference.
Test Statistic
A calculated value that is used in statistical tests to determine whether to reject the null hypothesis, based on sample data.
P-Value
The probability of getting the observed value of the test statistic, or one more extreme, assuming the null hypothesis is true.
Level Of Significance
The probability of rejecting the null hypothesis when it is true, typically set as a threshold like 0.05 or 0.01 before conducting a hypothesis test.
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