Data Analytics and Decision Support Systems (DSS) Can Help Casinos

question 23

True/False

Data analytics and decision support systems (DSS) can help casinos make decisions about which customers to give incentives and comps to, what type of incentives and comps should be offered, and at what time.

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Definitions:

Standard Error

The standard deviation of the sampling distribution of a statistic, often used to measure the accuracy of an estimate.

Positively Skewed Distribution

A distribution where more values fall to the left side of the mean, causing a long tail on the right, indicating that the median is less than the mean.

Sample Mean

The average value calculated from a sample of data, used as an estimate of the population mean.

Normally Distributed

Describes a distribution that follows a normal curve or bell curve, where most observations cluster around the central peak and the probabilities for values further away from the mean taper off equally in both directions.