What Is Meant by the Term 'Parsimony

question 4

Multiple Choice

What is meant by the term 'parsimony'?

• A) Simpler explanations of a phenomenon are preferred to complex explanations.
• B) As more variables are identified, the model becomes more informed.
• C) Complex explanations of a phenomenon are more accurate.
• D) Simpler explanations have insufficient power.

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Definitions:

Guests

Individuals who receive services or hospitality, often in contexts such as hotels, restaurants, or events.

Billafuerte Jeep Tours

A hypothetical or specific company offering guided jeep tours in the Billafuerte region.

Cost Drivers

Factors that cause fluctuations in the cost of a product or service, such as machine-hours, labor-hours, or the quantity of materials used.

Planning Budget

A budget prepared for a future period that outlines an organization's financial goals, resources, and expenditures.