ACCEPTANCE SAMPLING Definition

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ACCEPTANCE SAMPLING is statistical sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.

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COST OVERRUN is the amount by which an entity exceeds or expects to exceed the estimated cost to completion of: a. a product; b. a process; or, c. the final limitations of costs stipulated in a contract.

LEGALLY MANDATED is that which is required by law, e.g. the ratio of majority inhabitant vs. minority new-hire quotas in a legislated work environment.

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