The Deviations Between the Actual Data Points and the Fitted

question 151

Short Answer

The deviations between the actual data points and the fitted values from the model are called ____________________.

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Definitions:

Price Variances

Differences between actual and expected or standard costs that are attributed to changes in the price of goods or services.

Quantity Variances

The difference between actual and standard quantities used in production, affecting cost management and budgeting.

Rate Variance

The difference between the actual rate paid for something and the standard or expected rate.

Direct Labor Hours

The total hours worked by employees directly involved in the manufacturing of products or delivery of services.