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A Useful Way for Retailers to Categorize Seniors Is in Terms

question 109

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A useful way for retailers to categorize seniors is in terms of their wealth and health.


Definitions:

Goodness of Fit Test

A statistical test used to determine how well a statistical model fits a set of observations.

Normal Distribution

A bell-shaped distribution that is symmetric about the mean and characterized by its mean and standard deviation.

Categorical Data

Labels or names used to identify categories of like items.

Goodness of Fit

A statistical analysis that measures how well observed data match the values expected by a model.

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