(Classical Statistical Theory) Discuss how the calculation of the coefficient of variation (ratio of the standard deviation to the mean) can be applied in budget variance analysis and what budget models is the application best applied 2 (Decision Theory) Discuss how sensitivity analysis can be utilized in cost control using examples when preventative or detective objective measure values are not available

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Question: (Classical Statistical Theory) Discuss how the calculation of the coefficient of variation (ratio of the standard deviation to the mean) can be applied in budget

(Classical Statistical Theory) Discuss how the calculation of the coefficient of variation (ratio of the standard deviation to the mean) can be applied in budget variance analysis and what budget models is the application best applied.

2. (Decision Theory) Discuss how sensitivity analysis can be utilized in cost control using examples when preventative or detective objective measure values are not available.

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