The Relative Frequency Histogram for the Age (In Years) of a Sample

question 111

Essay

The relative frequency histogram for the age (in years) of a sample of 25 employees from a government department, is given below. Explain what the best measure of variability is.

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Definitions:

Customer Segmentation

The practice of dividing a company's customers into groups that reflect similarity among customers in each group for targeted marketing and sales strategies.

Entrepreneur

An individual who initiates, organizes, and manages a venture to bring a new product or service to the market, often taking on significant financial risks in the hope of profit.

Beachhead Market

An initial target market that a company focuses on penetrating as a point of entry and a foundation for future growth.

Cross the Chasm

A term derived from Geoffrey A. Moore's book, indicating the challenge startups face in transitioning from early adopters to the broader market.