The Process of Determining the Financial Impact of a Contract

question 2

True/False

The process of determining the financial impact of a contract provision is referred to as "costing."

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Definitions:

Variance

A measure of the dispersion of a set of data points around their mean, indicating how spread out the data are.

Mean

Calculating the average involves summing all numbers in a set and then dividing by the quantity of those numbers.

Probability Distribution

A mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment.

Variance

A measure of the spread of a set of data points around their mean value, indicating how much the data varies.