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Commerce · Q396

Costing

Graduate and Post Graduate · Commerce · question 396

Q396

Goodness of fit is used to measure wellness of

A.
actual values
B.
predicted values
Answer
C.
residual values
D.
indexed values

Answer: Option B

Solution

Answer: Option B
Solution:
Goodness of fit is used to measure wellness of predicted values. The goodness-of-fit is a measure of how well the fitted PF accounts for the data.