Your CEO Has Just Read a Book on Criticisms of the NHST

question 9

Multiple Choice

Your CEO has just read a book on criticisms of the NHST and worries that all company data analysis is now flawed and will lead to huge financial losses. How might you reassure her?

• A)NHST does have its flaws but everyone else uses it, therefore we should.
• B)NHST is a flawless approach and the book was probably written by a disciple of the Bayesian approach.
• C)NHST does have its flaws but if we incorporate an examination of effect sizes into our analysis, we should be able to trust our research outputs.
• D)NHST is a flawless approach and we need to invest in more data analysts who are trained in it.

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Definitions:

Revenue Per Ad Dollar

A performance metric that is calculated by comparing total revenue to the amount of money spent on advertising.

Reminder Advertising

Reminder Advertising is a marketing strategy aimed at reminding consumers about a product or service's existence rather than introducing new features or explicitly promoting purchases.

Existing Product

A product that is currently available in the market or has been previously introduced, as opposed to a new or upcoming product.

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A measure of how often the target market has been exposed to a promotional message during a specific time period.