Which measure represents the average value in a data set?
The mean is calculated by summing all values and dividing by the number of values.
What does standard deviation measure in a dataset?
Standard deviation indicates how much the data varies from the mean.
Which statistical test compares means between two groups?
A t-test is commonly used to determine if there's a significant difference between two means.
What type of variable is 'customer satisfaction rating on a 1-5 scale'?
Ordinal variables represent categories with a meaningful order but unknown intervals.
Which chart is best for showing the distribution of a single continuous variable?
Histograms display the frequency of ranges of continuous data.
What does a correlation coefficient close to 0 indicate?
A correlation near 0 suggests there is little to no linear relationship between the two variables.
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What is the purpose of using regression analysis in market research?
Regression is used to understand the relationship between dependent and independent variables.
Which term describes the number of times a value occurs in a dataset?
Frequency represents how often each value appears, helping summarize large data sets.
Which of the following is a type of inferential statistic?
Inferential statistics like hypothesis testing help draw conclusions about a population from sample data.