Why is the central limit theorem important to statistical analysis?
What will be an ideal response?
Although the normal distribution occurs frequently and describes many populations, it is not the only probability distribution in existence. The value of the central limit theorem is found in its conclusion that regardless of the shape of the population distribution (i.e. samples can come from any type of distribution), the sampling distribution of the mean will form a normal distribution. The central limit theorem provides the basis for considerable work in applied statistical analysis. Many random variables can be modeled as sums or means of independent random variables, and the normal distribution provides a good approximation of the true distribution. It can be applied to both discrete and continuous random variables.
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Which of the following line items would appear on the income statement of a company that uses the periodic inventory system, but not on that of a company that uses the perpetual inventory system?
A) Net Sales Revenue B) Cost of Goods Sold C) Cost of Goods Available for Sale D) Operating Expenses
A salesperson should not attempt to close a sale at the early stages of the presentation even if it appears that the prospect is ready to buy.
Answer the following statement true (T) or false (F)
The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units. Compute the factory overhead volume variance
A) 9,000F B) 9,000U C) 5,500F D) 5,500U
Describe the four support activities and the five primary activities in Porter's value chain.
What will be an ideal response?