Retail Stores Can Use Data Mining to Determine When to Mark

question 31

True/False

Retail stores can use data mining to determine when to mark merchandise down and how much to mark it down.

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Definitions:

SST

Total sum of squares in statistical analysis, representing the total variation in the observed data relative to the mean.

Multiple Linear Regression

A statistical technique that models the relationship between a dependent variable and two or more independent variables by fitting a linear equation to observed data.

Partial Regression Slope Coefficients

Quantitative measures in multiple regression models that represent the rate of change in the dependent variable for one-unit change in the predictor variable, holding other variables constant.

Coefficient of Multiple Determination

A statistical measure that represents the proportion of variance in a dependent variable that can be predicted from multiple independent variables.