The Phrase "Big Data" Refers To

question 96

Multiple Choice

The phrase "big data" refers to:

• A) the top five firms in the marketing research industry.
• B) the massive amount of data being collected and processed by today's organizations.
• C) the use of market research in big marketing decisions.
• D) marketing research data taken from Internet sources.
• E) market information taken from the U.S. Census.

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Definitions:

Type I Error

The error made when a true null hypothesis is incorrectly rejected.

Type II Error

The error that occurs when a false null hypothesis is not rejected, also known as a "false negative."

Probability

The degree to which something is likely to happen, quantified as a number between 0 (impossible) and 1 (certain).

P-Values

Probabilities used to quantify the significance of findings, or the likelihood that the observed data occurred by chance under the null hypothesis.