Statistical Analysis: Using Data to Find Trends and Examine Relationships


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question 1 of 3

Identify which of the following is NOT an example of descriptive statistics:

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1. A candy company is introducing a new brand of chocolate to the market. They have advertised heavily, investing $8,000,000 in New York, but no ads were run in Boston. After analyzing the data, they have found no statistically significant difference between their sales in New York and Boston. Why is this an example of inferential statistics?

2. Why does statistics often refer to being 95% confident and not 100%?

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About This Quiz & Worksheet

This quiz and attached worksheet will help gauge your understanding of using statistical analysis for business. Topics you will need to know in order to pass the quiz include the average of a number and statistical tests that determine differences between two groups.

Quiz & Worksheet Goals

Use these assessment tools to measure your knowledge of:

  • Statistics that determine the average of a number of different values
  • Type of statistics to measure the difference between two groups
  • Why statistics is said to be 95% confident
  • Statistics used to calculate trends and patterns into the future
  • Software containing statistical functions

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related business lesson
  • Interpreting information - verify that you can read information regarding types of statistical analysis
  • Knowledge application - use your knowledge to answer questions about the confidence rate of the field of statistics

Additional Learning

To learn more about using statistical analysis for business, review the lesson called Statistical Analysis: Using Data to Find Trends and Examine Relationships. It covers the following topics:

  • Making sense of data
  • Descriptive, inferential, and predictive statistics
  • Statistical software