The ________ Is a Correction for Overestimation of the Variance

question 63

Multiple Choice

The ________ is a correction for overestimation of the variance of a population parameter,e.g. ,a mean or proportion,when the sample size is 10 percent or more of the population size.

• A) finite population correction
• B) parameter
• C) precision level
• D) statistic

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Definitions:

Machine-Hours

Machine-Hours are a measure of the actual running time that a machine or group of machines operates during a given period.

Manufacturing Overhead

All indirect costs associated with the production process, such as utilities, rent, and salaries for support staff.

Departmental Predetermined Overhead Rates

Rates calculated to allocate overhead costs to products or services, based on department-specific activities and cost drivers.

Machine-Hours

An accounting term that indicates the total number of hours a machine is used during a specific period for manufacturing purposes.