RANDOM SELECTION Definition

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RANDOM SELECTION is a probability-based selection protocol in which each unit has a known probability of being selected. The chances of selection need not be equal for each unit, as long as the chances are known for each unit.

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CLAIMS OUTSTANDING, in general, is the difference between claims against assets (liabilities) and claims settled/paid. Within the insurance industry it would be the difference between insurance claims filed and claims settled/paid.

CASH COWS are products that produce a large amount of revenue or margin because they have a large share of an existing market which is only expanding slowly.

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