exam final Flashcards
(34 cards)
What is Analysis of Variance (ANOVA)?
A statistical technique used to determine whether there are statistically significant differences between the means of three or more independent groups.
When should ANOVA be used?
When the dependent variable is metric/continuous and the independent variable(s) are categorical.
What does a significant p-value (p < .05) in ANOVA indicate?
At least one group mean is different.
What is an interaction effect in ANOVA?
Occurs when the effect of one independent variable on the dependent variable depends on the level of another independent variable.
What does a significant interaction effect imply about mood and gender in brand evaluation?
The effect of mood on brand evaluation is much stronger for men than for women.
What is Analysis of Covariance (ANCOVA)?
A method that compares group averages on a certain outcome while accounting for other continuous factors called covariates.
When is ANCOVA appropriate?
When the dependent variable is continuous and independent variable(s) are categorical, with a need to control for a continuous covariate.
What is the main purpose of logistic regression?
To predict the probability that an event will occur, typically for binary outcomes.
What is the difference between logistic regression and linear regression?
Logistic regression predicts probabilities for binary outcomes, while linear regression predicts continuous values.
Fill in the blank: In logistic regression, the odds are calculated as _______.
P(event) / (1 − P(event))
What does the coefficient β (slope) in a regression equation indicate?
How much the dependent variable is expected to change when the independent variable increases by one unit.
What is a factor loading?
The correlation between an observed variable and a factor, indicating how strongly a variable contributes to that factor.
What does communality represent in factor analysis?
The proportion of a variable’s total variance that is explained by all the extracted factors combined.
What are the two major applications of factor analysis?
- Data Reduction
- Identification of Underlying Constructs
What is conjoint analysis?
A marketing research technique used to understand how consumers make trade-offs between different product features or attributes.
What do part-worth utilities measure in conjoint analysis?
Consumer preferences for different product features.
Fill in the blank: Importance weights in conjoint analysis show how much influence each attribute has on _______.
overall preference or decision-making of a consumer.
What is the goal of using ANCOVA in a study?
To compare group means while removing the confounding effect of other continuous variables.
What does the Chi-square value in the Omnibus Tests of Model Coefficients indicate?
Whether the model with predictors fits significantly better than a null model.
What is the significance of Exp(B) in logistic regression?
It shows the change in odds for a 1-unit increase in the variable.
What does a high factor loading indicate?
That the variable is a good representation of that factor.
What does a low communality indicate?
That the variable is poorly explained by the factor model.
What is the importance weight of an attribute in consumer choice?
The importance weight is expressed as a percentage of the total utility range across all attributes.
What is the importance weight of Brand if its utility range is 1.0?
28.6%
