Business People Often Use "Hunches" and Intuition to Make Decisions

question 148

True/False

Business people often use "hunches" and intuition to make decisions regarding what to produce.

---

Definitions:

P-Value

A measure in statistics that helps to determine the significance of results from a hypothesis test, indicating whether the observed data are improbable under the null hypothesis.

Explanatory Variable

A variable in a statistical model that is believed to cause or influence the response variable.

Indicator Variable

A binary variable that takes the value of 0 or 1 to indicate the absence or presence of some categorical effect that may be expected to shift the outcome.

Logistic Regression

A statistical method used for binary classification that estimates the probability of a binary response based on one or more predictor variables.