Explain how the empirical rule can be used to help describe data in a population or a sample
What will be an ideal response?
The empirical rule applies when the data distribution is bell-shaped. When this is the case, we know that approximately 68 percent of the data will fall with ± 1 standard deviation of the mean, approximately 95 percent will fall within ± 2 standard deviations of the mean, and virtually all of the data will fall within ± 3 standard deviations of the mean. Thus, by knowing that the distribution is bell-shaped and by knowing the mean and standard deviation, we know more about how the individual data are arranged.
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An audit opinion is a guarantee that the business is a going concern
a. True b. False Indicate whether the statement is true or false
Which of the following is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification?
A) BCG matrix B) analysis of variance C) product/market expansion grid D) Harris matrix E) SWOT analysis
From a strict market economic perspective, resources are "finite" and have to be used efficiently to gain maximum economic benefits.
Answer the following statement true (T) or false (F)
_____________ seeks to reduce processing variabilities by eliminating nonstandard activities and resources.
What will be an ideal response?