3.2e - Extrapolation Flashcards

1
Q

What statistical techniques are used in the interpretation of marketing data?

A
  • Confidence intervals
  • Correlation
  • Extrapolation
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2
Q

Confidence intervals definition

A

A statistical technique used to assess the reliability of sampled data

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3
Q

Factors that will influence a confidence interval:

A
  • Sample size
  • Population size
  • Percentage of sample choosing a particular answer
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4
Q

Trend definition

A

A pattern of change indicated within a set of numerical data

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5
Q

Extrapolation definition

A

Using previous patterns of numerical data in order to predict values in the future

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6
Q

Advantages of using extrapolation:

A
  • Simple method
  • Not much data required
  • Quick
  • Cheap
  • Used to set targets
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7
Q

Disadvantages of using extrapolation:

A
  • Unreliable if historical data has significant fluctuations
  • Assumes past trend will continue into the future
  • Ignores qualitative factors
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