About This Chapter
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.
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.
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.
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.
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.
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.
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.
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Other chapters within the MEGA Marketing: Practice & Study Guide course
- MEGA Marketing: Basic Concepts
- MEGA Marketing: Communication Methods & Functions
- MEGA Marketing: Environments & Strategies
- MEGA Marketing: Ethics & Public Relations
- MEGA Marketing: The Business Cycle
- MEGA Marketing: Market System Economics & Politics
- MEGA Marketing: Economic Growth & Indicators
- MEGA Marketing: Business Ownership
- MEGA Marketing: Business Plans
- MEGA Marketing: Functions of Management
- MEGA Marketing: Principles of Financial Management
- MEGA Marketing: Business Calculation Basics
- MEGA Marketing: Interpreting Data & Graphs
- MEGA Marketing: Graphing & Evaluating Equations & Functions
- MEGA Marketing: Quadratic Equations & Functions
- MEGA Marketing: Depreciation & Salvage Values
- MEGA Marketing: Interest & Purchases
- MEGA Marketing: Financial Analysis Calculations
- MEGA Marketing: Product Development & Retailing
- MEGA Marketing: Services Marketing
- MEGA Marketing: The Marketing Mix & Promotional Strategies
- MEGA Marketing: Consumer Protection Laws
- MEGA Marketing: Selling & Pricing Strategy
- MEGA Marketing: Channel Management
- MEGA Marketing: Segmentation & Product Marketing
- MEGA Marketing: Competitive Advantage
- MEGA Marketing: Consumer Decision Making
- MEGA Marketing: International Marketplace
- MEGA Marketing: Research & Data Applications
- MEGA Marketing: Computer Literacy
- MEGA Marketing: Careers in Marketing
- MEGA Marketing Flashcards