When manufacturing products, a business should budget the time and necessary manpower to produce the products. This allows the company to estimate the total costs associated with the production of the ...

What is a variable cost? Variable cost is a business expense which is subject to change when sales volumes change. This could mean that variable costs either increase or decrease depending on a ...

Get the latest news and market analysis from our in-house experts. Unlike variable cost which is subject to change depending on volume of a product or service provided, fixed costs are those which do ...

A random variable that can take only a certain specified set of individual possible values-for example, the positive integers 1, 2, 3, . . . For example, stock prices are discrete random variables, ...