A New Venture Should Be

question 13

Multiple Choice

A new venture should be

• A)cheap.
• B)unique.
• C)easy to copy.
• D)inferior to its competitors.

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Definitions:

Level of Significance

The probability of rejecting the null hypothesis in a statistical test when it is actually true; a measure of statistical significance.

Sum of Squares

A statistical technique used to describe the total variation in a dataset.

Error

The difference between a measured or observed value and the true value of the quantity of interest.

Normal Probability Distribution

A continuous probability distribution. Its probability density function is bell-shaped and determined by its mean m and standard deviation s.