LLBean,Inc

question 24

Multiple Choice

L.L.Bean,Inc.has been reducing the number of catalogues it sends out over the past several years while increasing its sales and profits.L.L.Bean now uses a number of criteria to establish a model showing which catalogues buyers purchased from and to judge their likelihood of buying from a catalogue that they have never purchased from.
-Refer to L.L.Bean,Inc.What does L.L.Bean use to collect this information?

• A) predictive data
• B) hypothesis testing
• C) correlation analysis
• D) modelling

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Definitions:

5-Number Summary

A statistical summary that provides five key data points: minimum, first quartile, median, third quartile, and maximum.

Smallest Observation

The minimum value recorded in a set of data.

First Quartile

The value below which 25% of the observations fall, marking the lower quarter of the data set.

Median

The middle value in a sorted list of numbers, dividing the dataset into two halves.