BUSM Exam 2 Study Set

Mean

The average value of a set of numbers, calculated by adding them together and dividing by the number of values.

Median

The middle value in a list of numbers, which divides the dataset into two equal halves.

Mode

The value that appears most frequently in a data set.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values.

Normal Distribution

A type of distribution where data is symmetrically distributed around the mean, forming a bell-shaped curve.

Right-Skewed Distribution

A distribution where the majority of the data points are concentrated on the left side, with a long tail extending to the right.

Left-Skewed Distribution

A distribution where the majority of the data points are concentrated on the right side, with a long tail extending to the left.

Will Rogers Phenomenon

The phenomenon where the improvement of a group can lead to the perceived decline of a subgroup.

Correlation Coefficient

A statistical measure that describes the strength and direction of a relationship between two variables.

Anscombe’s Quartet

A set of four datasets that have nearly identical simple descriptive statistics, yet appear very different when graphed.

Berkson’s Paradox

A statistical paradox where associations observed in a sample may disappear or reverse when analyzed in the entire population.

Simpson’s Paradox

A phenomenon where a trend appears in several different groups of data but disappears or reverses when these groups are combined.

Necessary Cause

A condition that must be present for an event to occur, but may not be sufficient on its own.

Sufficient Cause

A condition that, if present, guarantees the event will occur, though other factors may also lead to the effect.

Probabilistic Cause

A condition that increases or decreases the likelihood of an effect occurring, but does not guarantee it.

Correlation

A statistical relationship between two variables, where changes in one variable are associated with changes in another.

Temporal Precedence

The requirement that a cause must occur before its effect in time.

Alternative Explanations

Other potential factors that could explain the relationship or effect observed in data.

Social Desirability Bias

A tendency for survey respondents to answer questions in a manner that will be viewed favorably by others.

Non-response Bias

A type of bias that occurs when certain groups of people are less likely to respond to a survey, potentially skewing the results.

Acquiescence Bias

The tendency for respondents to agree with statements regardless of their true feelings or opinions.

Attention Checks

Questions included in surveys to ensure that respondents are paying attention and providing thoughtful answers.

Conjoint Analysis

A statistical technique used to understand how consumers value different features of a product or service.

Promotional Mix

The combination of different marketing strategies used to communicate with the target audience.

Integrated Marketing Communications

The coordination of various promotional tools and channels to deliver a consistent message about a product or service.

Commitment and Consistency

The principle that people are more likely to comply with requests that are consistent with their prior commitments or behaviors.

Social Proof

The influence that the actions and attitudes of others have on individual behavior, particularly in uncertain situations.

Scarcity

The principle that perceived scarcity increases the value of an item or opportunity.