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2 days ago · To calculate purchase price variance, you need to know the purchase price, the actual cost, and the quantity purchased. the purchase price variance formula is, PPV = ( Standard price – Actual cost ) / Actual quantity. For example, if a company buys office supplies for $100 but the actual cost is only $80, the PPV would be calculated as ($100 ...
2 days ago · One-way ANOVA is a statistical method to test the null hypothesis ( H0) that three or more population means are equal vs. the alternative hypothesis ( Ha) that at least one mean is different. Using the formal notation of statistical hypotheses, for k means we write: H 0: μ1 = μ2 = ⋯ = μk H 0: μ 1 = μ 2 = ⋯ = μ k.
20 hours ago · In probability theory and statistics, the binomial distribution with parameters n and p is the discrete probability distribution of the number of successes in a sequence of n independent experiments, each asking a yes–no question, and each with its own Boolean -valued outcome: success (with probability p) or failure (with probability ).
5 days ago · In probability theory and statistics, the exponential distribution or negative exponential distribution is the probability distribution of the distance between events in a Poisson point process, i.e., a process in which events occur continuously and independently at a constant average rate; the distance parameter could be any meaningful mono-dimensional measure of the process, such as time ...
4 days ago · Variance. In Statistics, we have studied that the variance is a measure of the spread or scatter in the data. Likewise, the variability or spread in the values of a random variable may be measured by variance. For a random variable X which takes on values x 1, x 2, x 3 … x n with probabilities p 1, p 2, p 3 … p n and the expectation is E[X]
3 days ago · Measures of Location and Spread Summarizing data can help us understand them, especially when the number of data is large. This chapter presents several ways to summarize quantitative data by a typical value (a measure of location, such as the mean, median, or mode) and a measure of how well the typical value represents the list (a measure of spread, such as the range, inter-quartile range, or ...
3 days ago · Chebyshev's inequality. In probability theory, Chebyshev's inequality (also called the Bienaymé–Chebyshev inequality) provides an upper bound on the probability of deviation of a random variable (with finite variance) from its mean. More specifically, the probability that a random variable deviates from its mean by more than is at most ...
