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What is the division of a market into similar groups of customers?
Probability
Probability is a measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.
Student T Random Variable
A variable that follows the Student's t-distribution, often used in the context of small sample sizes when the population variance is unknown.
Variance
The average of the squared differences from the mean, showing the spread between numbers in a data set.
Degrees of Freedom
The number of independent values or quantities which can be assigned to a statistical distribution, typically in the context of parameter estimation or hypothesis testing.
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