Examlex
How do job-costing systems account for spoilage?
Mean
The average of a set of numbers, calculated by summing them up and dividing by the number of summands.
Standard Deviation
A measure of the amount of variability or dispersion of a set of values around the mean.
Confidence Interval
A span of numbers, calculated from observed data statistics, that probably encompasses an unknown parameter of a population.
Sample
A group or set collected from a larger population for the purpose of statistical analysis, representing the larger group.
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