The 80/20 Rule Suggests That

question 83

Multiple Choice

The 80/20 rule suggests that

• A) 20 percent of marketing effort is wasted.
• B) 80 percent of marketing effort is well implemented, but the remaining 20 percent is out of control.
• C) 80 percent of the business comes from 20 percent of the customers.
• D) it will take 80 percent more effort to get 20 percent more business.
• E) None of the above is true.

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Definitions:

P-Value

The potential of observing test results that are at least as extreme as the actual ones, under the belief that the null hypothesis is accurate.

Test Statistic

A calculated value used in statistical hypothesis testing that helps decide whether to reject the null hypothesis.

P-Value

A statistical measure that helps determine the significance of results, indicating how likely it is that findings could have occurred under the null hypothesis.

Test Statistic

A statistic calculated from sample data and used in hypothesis testing to determine the plausibility of the null hypothesis.