Data Analysis & Statistics Flashcards
6 cards from real Market Research practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Data Analysis & Statistics flashcards as text
What does a p-value below 0.05 indicate in market research analysis?
Answer: The result is statistically significant at the 95% confidence level
A p-value below 0.05 indicates there is less than a 5% probability the results occurred by chance, meeting the standard significance threshold.
Which statistical test is most appropriate for comparing means across three or more groups?
Answer: ANOVA (Analysis of Variance)
ANOVA is specifically designed to test whether statistically significant differences exist between the means of three or more independent groups.
What does 'correlation' measure in market research data analysis?
Answer: The strength and direction of the linear relationship between two variables
Correlation measures both the strength and direction of the relationship between two variables, but does not imply causation.
In regression analysis, what does the R-squared value represent?
Answer: The proportion of variance in the dependent variable explained by the independent variables
R-squared measures the proportion of variance in the outcome variable that is explained by the predictor variables in the regression model.
What is 'factor analysis' used for in market research?
Answer: Reducing a large number of variables into a smaller set of underlying factors
Factor analysis is a data reduction technique that identifies underlying latent factors explaining patterns of correlations among many observed variables.
What is a 'cross-tabulation' (crosstab) in market research analysis?
Answer: A statistical technique showing the distribution of two categorical variables simultaneously
Cross-tabulation displays the relationship between two categorical variables in a matrix format, showing how one variable's distribution varies across categories of another.