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In talking to a travel agent,T.J.Matthews learned that he would have to pay the same amount of money for a three-day/two night package right outside the gates of Walt Disney World for his family of four as he would for a five-day/four-night stay at a hotel that was about fifty miles away from Walt Disney World.Matthews decided the farther hotel was a much better value.Matthews defined value as:
Distribution
Refers to the way in which something is shared out among a group or spread over an area.
Sign Test Statistic
A non-parametric statistical test used to evaluate the consistency of results with a hypothesized median by considering only the signs of the differences, not their magnitude.
Normally Distributed
Describes a dataset that follows a Normal distribution pattern, showcasing a bell-shaped curve when plotted.
Nonparametric Method
Statistical methods that do not assume a particular distribution for the data, often used when data doesn't fit normal distribution assumptions.
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