Examlex
A unique feature of process costing systems is the use of a single Goods in Process Inventory control account when more than one production department exists.
Prediction Interval
A range of values that is likely to contain the value of a variable for an individual prediction, taking into account the uncertainty around the estimate.
Residual
The difference between an observed value and the value predicted by a model.
Scatter Diagram
A scatter diagram, or scatter plot, is a type of plot or mathematical diagram using Cartesian coordinates to display values for typically two variables for a set of data, indicating the relationship between them.
Fitted Value
A numerical estimate or prediction obtained from a regression model that corresponds to a specific set of explanatory variables.
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