If a Set of Data Is Approximately Normally Distributed,we Would $\pm$

question 54

Multiple Choice

If a set of data is approximately normally distributed,we would find that approximately

• A)2 of every 3 observations would fall between \(\pm\) 1 standard deviation around the mean.
• B)4 of every 5 observations would fall between \(\pm\) 1.28 standard deviations around the mean.
• C)19 of every 20 observations would fall between \(\pm\) 2 standard deviations around the mean.
• D)All the above.

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Definitions:

Market Segments

Subsets of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as prices or function.

Product Prices

The amount of money required to purchase a good or service, often influenced by factors such as production costs, competition, and demand.

Narrow Range

A situation where variations or differences within data points, options, or outcomes are minimal or significantly limited.

Blue Ocean Strategy

A business strategy that focuses on creating new market spaces (blue oceans) where there is no competition, as opposed to competing in existing industries (red oceans).