Simple Random Sampling: 6 Basic Steps With Examples.

1. Choose your population. 2. Decide on a sampling method. 3. Determine your sample size. 4. Choose your sampling interval. 5. Select your sampling units. 6. Draw your samples. What is the 5 random sampling techniques? There are a few different types of random sampling techniques that can be used in order to select a … Read more

Marginal Cost Meaning, Formula, and Examples.

Marginal Cost: Meaning, Formula, and Examples. What is marginal cost benefit analysis? Marginal cost benefit analysis (MCBA) is a tool used by economists to analyze the costs and benefits of a proposed project. MCBA can be used to compare different projects, or to choose the most efficient way to achieve a given goal. MCBA is … Read more

Frequency Distribution Definition.

A frequency distribution is a statistical tool used to tabulate how often certain values occur within a given data set. Frequency distributions are often used to tabulate results from surveys and experiments. For example, if you conduct a survey asking people how often they eat out, you could use a frequency distribution to tabulate the … Read more

P-Value: How to Calculate It and Why It Matters.

P-Value: What It Is, How to Calculate It, and Why It Matters What is p-value in simple words? A p-value is a statistical measure that tells you how likely it is that a result occurred by chance. P-values are used to determine whether a result is statistically significant, which means that it is unlikely to … Read more

Understanding the Departmental Overhead Rate.

The term “Departmental Overhead Rate” (DOR) is used to describe the relationship between the overhead costs incurred by a department and the revenue generated by that department. The DOR is typically expressed as a percentage and is used to help managers understand the financial impact of their department’s overhead costs. The DOR can be used … Read more

The Least Squares Method is a statistical technique that can be used to estimate the value of unknown parameters in a linear model.

This technique can be used to solve problems in a variety of fields, including economics, engineering, and science.. The Least Squares Method is a way of finding the best fit for a set of data points by minimizing the squared residuals. Why do we use least squares regression line? The least squares regression line is … Read more

Variability Definition.

Variability definition is the process of defining the variability of a financial metric. This process involves analyzing the historical data of the metric in question, and determining the level of variation that is present. This information can then be used to inform future decision making regarding the metric. What are the different types of variability? … Read more

Units Per Transaction (UPT).

Units Per Transaction (UPT) is a metric used to measure the average number of units of a good or service sold per transaction. This metric is used to assess the efficiency of a company’s sales process and the effectiveness of its marketing efforts. To calculate UPT, divide the total number of units sold by the … Read more

How the High-Low Method Works.

The high-low method is one of the most basic techniques used in cost accounting. It involves simply finding the highest and lowest points of a given data set, and using those points to calculate a cost function. This technique is most often used when data points are not evenly spaced, as is often the case … Read more