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dispersion |
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Definition of dispersiondispersionthe degree of variability or difference; it is measured
Related Terms:Standard deviationThe square root of the variance. A measure of dispersion of a set of data from their mean. VarianceA measure of dispersion of a set of data points around their mean value. The mathematical Standard DeviationA statistical term that measures the dispersion of a variable coefficient of correlationa measure of dispersion that indicates the degree of relative association existing between two variables coefficient of determinationa measure of dispersion that correlation analysisan analytical technique that uses statistical standard error of the estimatea measure of dispersion that reflects the average difference between actual observations and expected results provided by a regression line VarianceThe dispersion of a variable. The square of the standard deviation. Committee, AIMR Performance Presentation Standards Implementation CommitteeThe Association for Investment Management and Research (AIMR)'s Performance Presentation standards Implementation CovarianceA statistical measure of the degree to which random variables move together. Gold exchange standardA system of fixing exchange rates adopted in the Bretton Woods agreement. It Gold standardAn international monetary system in which currencies are defined in terms of their gold Mean-variance analysisEvaluation of risky prospects based on the expected value and variance of possible outcomes. Mean-variance criterionThe selection of portfolios based on the means and variances of their returns. The Mean-variance efficient portfolioRelated: Markowitz efficient portfolio Minimum-variance frontierGraph of the lowest possible portfolio variance that is attainable for a given Minimum-variance portfolioThe portfolio of risky assets with lowest variance. Portfolio varianceWeighted sum of the covariance and variances of the assets in a portfolio. Serial covarianceThe covariance between a variable and the lagged value of the variable; the same as Standard errorIn statistics, a measure of the possible error in an estimate. Standardized normal distributionA normal distribution with a mean of 0 and a standard deviation of 1. Standardized valueAlso called the normal deviate, the distance of one data point from the mean, divided by Statement of Financial Accounting Standards No. 8This is a currency translation standard previously in Statement of Financial Accounting Standards No. 52This is the currency translation standard currently Variance minimization approach to trackingAn approach to bond indexing that uses historical data to Variance ruleSpecifies the permitted minimum or maximum quantity of securities that can be delivered to Standard costsA budget cost for materials and labour used for decision-making, usually expressed as a per unit cost that is applied to standard quantities from a bill of materials and to standard times from a Variance analysisA method of budgetary control that compares actual performance against plan, investigates the causes of the variance and takes corrective action to ensure that targets are achieved. budget variancethe difference between total actual overhead controllable variancethe budget variance of the two variance approach to analyzing overhead variances Cost Accounting Standards Board (CASB)a body established by Congress in 1970 to promulgate cost accounting ethical standarda standard representing beliefs about moral expected standardstandard set at a level that reflects what fixed overhead spending variancethe difference between the total actual fixed overhead and budgeted fixed overhead; fixed overhead volume variancesee volume variance ideal standarda standard that provides for no inefficiencies labor efficiency variancethe number of hours actually worked minus the standard hours allowed for the production labor mix variance(actual mix X actual hours X standard rate) - (standard mix X actual hours X standard rate); labor rate variancethe actual rate (or actual weighted average rate) paid to labor for the period minus the standard rate multiplied by all hours actually worked during the period; labor yield variance(standard mix X actual hours X standard rate) - (standard mix X standard hours X standard rate); material price variancetotal actual cost of material purchased material quantity variance(actual quantity X standard price) - (standard quantity allowed standard price); material mix variance(actual mix X actual quantity X standard price) - (standard mix X actual quantity X standardprice); material yield variance(standard mix X actual quantity X standard price) - (standard mix X standard quantity X standard price); noncontrollable variancethe fixed overhead volume variance; overhead efficiency variancethe difference between total budgeted overhead at actual hours and total budgeted overhead spending variancethe difference between total actual overhead and total budgeted overhead at actual perfection standardsee ideal standard practical standarda standard that can be reached or slightly standarda model or budget against which actual results are standard costa budgeted or estimated cost to manufacture standard cost carda document that summarizes the direct standard cost systema valuation method that uses predetermined standard error of the estimatea measure of dispersion that reflects the average difference between actual observations and expected results provided by a regression line standard overhead application ratea predetermined overhead rate used in a standard cost system; it can be a separate variable or fixed rate or a combined overhead rate standard quantity allowedthe quantity of input (in hours or some other cost driver measurement) required at standard for the output actually achieved for the period total overhead variancethe difference between total actual overhead and total applied overhead; it is the amount of underapplied or overapplied overhead total variancethe difference between total actual cost incurred variable overhead efficiency variancethe difference between budgeted variable overhead based on actual input activity and variable overhead applied to production variable overhead spending variancethe difference between total actual variable overhead and the budgeted amount of variable overhead based on actual input activity variance analysisthe process of categorizing the nature (favorable or unfavorable) of the differences between standard and actual costs and determining the reasons for those differences volume variancea fixed overhead variance that represents CovarianceA measure of the degree to which returns on two assets move in Direct materials mix varianceThe variance between the budgeted and actual mixes of Labor efficiency varianceThe difference between the amount of time that was budgeted Labor rate varianceThe difference between the actual and standard direct labor rates Materials price varianceThe difference between the actual and budgeted cost to Materials quantity varianceThe difference between the actual and budgeted quantities Production yield varianceThe difference between the actual and budgeted proportions Selling price varianceThe difference between the actual and budgeted selling price for Standard costA predetermined cost that is based on original engineering designs and Standard & Poor’s Composite IndexIndex of the investment performance of a portfolio of 500 large stocks. Also called the Gold StandardA fixed exchange rate system in which a currency is directly convertible into gold. Contract Work Hours and Safety Standards ActA federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week. Fair Labor Standards Act of 1938A federal Act creating standards of overtime Part standardizationThe planned reduction of similar parts through the standardization Standard containersCommon-sized containers that are used to efficiently move, Correlation coefficientA standardized statistical measure of the dependence of two random variables,
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