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Definition of Parameter
A representation that characterizes a part of a model (e.g. a growth rate), the value of which is
A variable whose value is determined outside the model in which it is used. Also called
Errors in measuring an explanatory variable in a regression that leads to biases in
A mathematical modeling process. For a model that
Unintentional mistakes in financial statements. Accounted for by restating
Use of an inappropriate proxy for the true market portfolio.
A random value that can take any fractional value within specified ranges, as
an unknown item for which a linear programming
an unknown variable that is to be predicted
A random variable that can take only a certain specified set of discrete possible
A value determined within the context of a model.
Insurance coverage purchased by the agent/broker which provides protection against loss incurred by a client because of some negligent act, error, oversight, or omission by the agent/broker.
An adjective indicating that something is determined by forces unrelated to the theory determining the variables under investigation.
See autonomous expenditure.
a variable that, when changed, will
a critical factor that management believes will
Net errors and omissions
In balance of payments accounting, net errors and omissions record the statistical
Normal random variable
A random variable that has a normal probability distribution.
The calculation of the return realized by a money manager over some time interval.
physical measurement allocation
a method of allocating a joint cost to products that uses a common physical characteristic as the proration base
A function that assigns a real number to each and every possible outcome of a random experiment.
Costs that have both fixed and variable components.
a variable used in a linear programming problem
In statistics, a measure of the possible error in an estimate.
standard error of the estimate
a measure of dispersion that reflects the average difference between actual observations and expected results provided by a regression line
a variable used in a linear programming problem that represents overachievement of a minimum requirement; it is associated with greater-than-or-equal-to constraints
In an indexing strategy, the difference between the performance of the benchmark and the
A value determined within the context of a model. Also called endogenous variable.
Annuity contracts in which the issuer pays a periodic amount linked to the investment
A form of annuity policy under which the amount of each benefit is not guaranteed or specified. The amounts fluctuate according to the earnings of a separate investment account.
A cost that is directly proportional to the volume of output produced. When production is zero,
A cost that increases or decreases in proportion with increases or decreases in the volume of production of goods or services.
a cost that varies in total in direct proportion
A cost that changes in amount in relation to changes in a related activity.
variable cost ratio
the proportion of each revenue dollar
A method of costing in which only variable production costs are treated as product costs and in which all fixed (production and non-production) costs are treated as period costs.
a cost accumulation and reporting method
Costs that change as the level of output changes.
Those that vary with the amount of goods you produce or sell. These may include utility bills, labor, etc.
Expenses that change with changes in either sales volume
Variable life insurance policy
A whole life insurance policy that provides a death benefit dependent on the
variable overhead efficiency variance
the difference between budgeted variable overhead based on actual input activity and variable overhead applied to production
variable overhead spending variance
the difference between total actual variable overhead and the budgeted amount of variable overhead based on actual input activity
Variable price security
A security, such as stocks or bonds, that sells at a fluctuating, market-determined price.
Variable rate CDs
Short-term certificate of deposits that pay interest periodically on roll dates. On each roll
Variable rate loan
Loan made at an interest rate that fluctuates based on a base interest rate such as the
Variable rated demand bond (VRDB)
Floating rate bond that can be sold back periodically to the issuer.
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