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
How to Calculate Mean, Median, Mode & Range

1. How to Calculate Mean, Median, Mode & Range

Measures of central tendency can provide valuable information about a set of data. In this lesson, explore how to calculate the mean, median, mode and range of any given data set.

Calculating the Standard Deviation

2. Calculating the Standard Deviation

In this lesson, we will examine the meaning and process of calculating the standard deviation of a data set. Standard deviation can help to determine if the data set is a normal distribution.

Statistical Significance: Definition & Calculation

3. Statistical Significance: Definition & Calculation

Watch this video lesson to learn about statistical significance, and how it relates to surveys and other real world events. Also, learn how it is calculated, and how you can describe it to others.

Expected Value in Probability: Definition & Formula

4. Expected Value in Probability: Definition & Formula

After watching this video lesson, you will understand what expected value means. You will learn how to use this value to decide whether a certain action is worth taking or not.

Normal Distribution & Shifts in the Mean

5. Normal Distribution & Shifts in the Mean

In this video lesson, you will see what a normal distribution looks like and you will learn about the mean of a normal distribution. You will also see what happens when the mean is shifted.

Finding Percentiles in a Data Set: Formula & Examples

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

Percentiles are often used in academics to compare student scores. Finding percentiles in a data set can be a useful way to organize and compare numbers in a data set.

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

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