An RFM Score of ________ Probably Means That This Customer

question 59

Multiple Choice

An RFM score of ________ probably means that this customer has taken their business elsewhere and is probably not worth spending too many marketing resources on.

• A)121
• B)231
• C)555
• D)111

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Definitions:

Significant Correlation

Significant correlation refers to a statistical relationship between two variables that is unlikely to have occurred by chance, indicating a meaningful association.

Causal Relationship

A relationship between variables in which changes in one variable demonstrably result in changes in another.

Type I Error

The incorrect rejection of a true null hypothesis, often referred to as a "false positive."

Confidence Interval

A statistical range, based on sample data, within which there is a specified probability that the value of a parameter lies.