GOODNESS-OF-FIT
Used in statistics and statistical model describing an anticipated frequency and an actual frequency. Frequently used in business decision making, it determines the discrepancy between observed values and expected values under the model. To compute a chi-square goodness-of-fit, it is important to first indicate the invalid hypothesis and the alternative hypothesis, select the significance level, and identify the critical value.
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Original Cost
It simply refers to the total cost associated in buying an asset.
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