Without Some Correction,sample Variability Is Said to Be "Biased

question 1

Essay

Without some correction,sample variability is said to be "biased." Define the term biased,and explain how this bias is corrected in the formula for sample variance.​

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Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels.

Budgeted Amounts

Projected financial figures used for planning purposes, including revenue, expenses, and capital expenditures.

Activity Level

The degree to which a company engages in its operational processes, often influencing production volume, costs, and efficiency.

Departmental Overhead Cost Report

A document or statement that summarizes the indirect costs incurred by different departments within a company.