Examlex
If the standard to produce a given amount of product is 1,000 units of direct materials at $11 and the actual was 800 units at $12, the direct materials quantity variance was $2,200 unfavorable.
Regression Model
A statistical technique for estimating the relationships among variables, often used for prediction and forecasting.
T-statistic
A type of statistic used in hypothesis testing, calculated from sample data to determine whether to reject the null hypothesis.
Correlation Coefficient
The correlation coefficient is a statistical measure that calculates the strength and direction of a linear relationship between two variables.
Stepwise Regression
A method of regression analysis that involves automatic selection of independent variables to use in a model based on certain criteria.
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