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Ch 16: MEGA Marketing: Probability & Statistics for Business

About This Chapter

The lessons of this chapter will help you prepare for exam questions on the MEGA Marketing exam regarding the use of statistics and probability in business and marketing.

MEGA Marketing: Probability & Statistics for Business - Chapter Summary

These lesson videos have been composed to help you review the different statistics that are used in business and marketing. In these lessons our professional instructors will show you the uses of some of these statistics as well as how to calculate them. After these lessons, you should have a better understanding of:

  • Calculations for the mean, median, mode and range of a data set
  • How to find the standard deviation of a data set
  • What statistical significance is and how to calculate it
  • Formulas for the expected value in probability
  • What normal distribution is and how that is related to the mean of a data set
  • Calculations for percentiles in data sets

To reinforce your understanding of the material covered in these lesson videos, read the lesson transcripts. Then take the lesson quizzes to test your understanding of the information presented in them. Following these short assessments, review your results and use the video tags to identify the topics you don't understand and rewatch the parts of the lessons that discussed them.

MEGA Marketing: Probability & Statistics for Business Objectives

In Missouri, passing the Missouri Education Gateway Assessments (MEGA): Marketing exam is one requirement for certification to teach the subject. It is a computer-based exam, composed of 100 multiple-choice questions and administered in a two-hour testing session. Of the material covered by these questions, 36% is about the core marketing principles, including the quantitative analysis of marking. Use this chapter to prepare for questions about the probability and statistics used in business and marketing.

6 Lessons in Chapter 16: MEGA Marketing: Probability & Statistics for Business
Test your knowledge with a 30-question chapter practice test
Mean, Median, Mode & Range

1. Mean, Median, Mode & Range

The four most common measures of central tendency are the mean, median, mode, and range. Understand and calculate the mean, median, mode, and range through the given sample problems.

Calculating the Standard Deviation

2. Calculating the Standard Deviation

Standard deviation helps determine if a set of data is normally distributed by measuring how closely the data set surrounds the mean, or average. Learn about standard deviation, including the steps to calculate it. Explore variance, review examples of calculations, and understand what standard deviation means in regard to a data set.

Statistical Significance: Definition & Calculation

3. Statistical Significance: Definition & Calculation

Statistical significance is a critical measure to determine the validity of hypotheses in research surveys. Explore the definition of statistical significance, understand its importance, and learn how to calculate and use the p-value.

Expected Value in Probability: Definition & Formula

4. Expected Value in Probability: Definition & Formula

An expected value is the average winning percentage that is likely to be established after many rounds of a game of chance. Learn more about the definition and the formula for the expected value in a gambling casino, and explore an example of how to determine the probability in each event or round.

Normal Distribution & Shifts in the Mean

5. Normal Distribution & Shifts in the Mean

Normal distribution on a graph looks like the outline of a bell, which is why it is described as a bell curve. Learn more about normal distribution and the definitions of shifts in the mean and standard deviations and how to identify them on a graph.

Finding Percentiles in a Data Set: Formula & Examples

6. Finding Percentiles in a Data Set: Formula & Examples

Percentiles are a measure that compares individual scores of performance against a data set, in ranges of 0-100. Learn the calculation method of this type of ranking through examples of the formula.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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