ALLOWANCE FOR SAMPLING RISK Definition

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ALLOWANCE FOR SAMPLING RISK is the difference between a sample estimate and the projected population characteristic at a specified sampling risk. This allowance
is also the difference between the expected error rate and the tolerable
deviation rate.

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MEAN is the measure of central tendency; also called the average. It is calculated by the sum of the data points divided by the number of data points.

TRANSPORTATON IN is freight costs paid by the buyer therefore added to the costs of merchandise, i.e. part of inventory cost.

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