PROBABILITY PROPORTIONAL TO SIZE SAMPLING (PPS) Definition

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PROBABILITY PROPORTIONAL TO SIZE SAMPLING (PPS) is a sampling plan that bases the likelihood of selecting a particular account on the relative size of that account, so larger accounts have a greater probability of being selected for the sample than smaller accounts. Also known as dollar unit.

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INDIFFERENCE CURVE, in microeconomics, an indifference curve is a graph showing combinations of two goods to which an economic agent (such as a consumer or firm) is indifferent, that is, it has no preference for one combination over the other.

FIFO (first-in, first-out) is an inventory cost flow whereby the first goods purchased are assumed to be the first goods sold so that the ending inventory consists of the most recently purchased goods.

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