Measures of Variability in Data Analysis
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Questions and Answers

What term refers to the 'typical' difference between the values in a set of values?

  • Frequency distribution
  • Mean (correct)
  • Standard deviation
  • Range

Which measure of variability identifies the distance between the lowest and highest values in an ordered set?

  • Mean
  • Range (correct)
  • Standard deviation
  • Frequency distribution

What measure of variability indicates the degree of variation or diversity in a set of values?

  • Range
  • Mean
  • Frequency distribution
  • Standard deviation (correct)

What is a commonly used basis for market segmentation according to the text?

<p>Statistically significant differences (A)</p> Signup and view all the answers

Which type of segmentation is NOT mentioned in the text?

<p>Income-based (D)</p> Signup and view all the answers

Why is it important for differences in market segmentation to be statistically significant?

<p>To ensure differences exist in the population (C)</p> Signup and view all the answers

What is the measure of central tendency defined as the value that occurs most often in a string of numbers?

<p>Mode (B)</p> Signup and view all the answers

Which measure expresses the value that lies in the middle of an ordered set of values?

<p>Median (C)</p> Signup and view all the answers

What type of measures describe how similar or dissimilar respondents or responses are to typical values?

<p>Measures of Variability (B)</p> Signup and view all the answers

Which analysis helps determine if and how two variables are related?

<p>Association Analysis (C)</p> Signup and view all the answers

What is used when marketing researchers generalize sample results to the target population?

<p>Inference Analysis (B)</p> Signup and view all the answers

Which measure describes the degree of spread or variation in a dataset?

<p>Standard Deviation (C)</p> Signup and view all the answers

What does ANOVA stand for?

<p>Analysis of Variance (D)</p> Signup and view all the answers

What does a significant p-value in ANOVA indicate?

<p>At least one pair of group means is statistically different (C)</p> Signup and view all the answers

What is an advantage of using ANOVA over multiple t-tests?

<p>Both b and c (C)</p> Signup and view all the answers

What does a 'relationship' between two variables imply in associative analyses?

<p>A consistent, systematic linkage between the variables (B)</p> Signup and view all the answers

What refers to the characteristics of description for interval or ratio scales?

<p>Levels (C)</p> Signup and view all the answers

What does a statistically significant result in a study imply?

<p>The results can be generalized to the entire population (A)</p> Signup and view all the answers

Flashcards

Mean

The average value in a dataset.

Range

The difference between the highest and lowest values in a dataset.

Standard Deviation

A measure of how spread out numbers are from the mean.

Market Segmentation

Dividing a market into distinct groups with shared characteristics.

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Statistically Significant Differences

Differences in a sample that are likely to exist in the entire population.

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Mode

The value that appears most frequently in a dataset.

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Median

The middle value in an ordered dataset.

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Measures of Variability

Metrics that describe how spread out data is.

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Association Analysis

Analyzing the relationship between two variables.

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Inference Analysis

Using sample data to make conclusions about a larger population.

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ANOVA

Analysis of Variance; a statistical test to compare means of multiple groups.

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Significant p-value (ANOVA)

Indicates different means between at least two groups.

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Relationship (in associative analyses)

A consistent link between two variables.

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Levels

Characteristics to describe interval or ratio scales.

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Statistically Significant Results

Results in a study that can be generalized to the entire population.

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