3.2e - Extrapolation Flashcards
1
Q
What statistical techniques are used in the interpretation of marketing data?
A
- Confidence intervals
- Correlation
- Extrapolation
2
Q
Confidence intervals definition
A
A statistical technique used to assess the reliability of sampled data
3
Q
Factors that will influence a confidence interval:
A
- Sample size
- Population size
- Percentage of sample choosing a particular answer
4
Q
Trend definition
A
A pattern of change indicated within a set of numerical data
5
Q
Extrapolation definition
A
Using previous patterns of numerical data in order to predict values in the future
6
Q
Advantages of using extrapolation:
A
- Simple method
- Not much data required
- Quick
- Cheap
- Used to set targets
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
