In RFM Analysis, Customers Who Have Bought the Least Expensive

question 13

Multiple Choice

In RFM analysis, customers who have bought the least expensive items are indicated by an M score of ________.

• A) 2
• B) 5
• C) 1
• D) 4

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Definitions:

Standard Error

A statistical measure that quantifies the amount of variability in the sampling distribution of a statistic, often used to estimate the accuracy of sample means.

Sample Means

The average value obtained from a sample, used as an estimate of the population mean.

Null Hypothesis

An initial assumption made for statistical analysis that suggests no significant effect or relationship exists between variables.

Proportion

A measure that represents a part of a whole as a fraction or percentage.