Joe Is Reviewing Secondary Data His Company Collected About Seasonal

question 87

Multiple Choice

Joe is reviewing secondary data his company collected about seasonal variation in consumer spending because he is thinking about developing a new product line. The advantages of using these data are that

• A) they are new and can be used to project overall demand.
• B) they can be quickly accessed at a relatively low cost.
• C) they are historical data that can be used to accurately predict future trends.
• D) they have been collected for just the purpose Joe is using it for.
• E) their high cost can be justified by the results.

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Definitions:

Two-tailed Test

A statistical test used to determine if there is a significant difference between two groups in either direction.

Statistically Significant

A term indicating that the observed result in a study is unlikely to have occurred due to chance alone, often determined by a p-value less than a predetermined threshold.

Probability

The measure of the likelihood that an event will occur, quantified as a number between 0 and 1.

Null Hypothesis

The default hypothesis that there is no effect or no difference, and it is tested against an alternative hypothesis.