When Might a Person Use Descriptive Statistics

question 17

Essay

When might a person use descriptive statistics?

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Definitions:

Cost-volume-profit Analysis

An accounting technique used to determine how changes in costs and volume affect a company's operating income and net income.

Sales Mix

The relative distribution of sales among the various products available for sale.

Fixed and Variable Costs

Costs that remain constant regardless of the level of production or business activity (fixed) and costs that vary in direct proportion to changes in activity (variable).

Cost-volume-profit Analysis

A financial approach that identifies how variations in expenses and production volume impact a business's operating profit and total earnings.