STATISTICAL SAMPLING Definition

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STATISTICAL SAMPLING is that part of statistical practice concerned with the selection of individual observations intended to yield some knowledge about a population of concern, especially for the purposes of statistical inference.

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MARKET RISK is the risk of price fluctuations resulting from general market conditions such as changes in the level of interest rates.

PRACTICAL CAPACITY is where the cost of production is based on the practical capacity of production facilities. Therefore, the proportion of overheads allocated to a unit of production is not to be increased as consequence of idle capacity of the plant.

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