Introduction

Question 1

Nominal measurement scale

Answer 1

Numbers are as “tag labels” (non-metric)

Question 2

Ordinal measurement scale

Answer 2

Ranking, ordering data without knowing the variation between the data (non-metric)

Question 3

Interval measurement scale

Answer 3

Ordinal, but there are equal differences between the scale points (temperature - metric)

Question 4

Ratio measurement scale

Answer 4

Interval, but there is a natural zero point (height, weight - metric)

Question 5

A/B testing

Answer 5

Compare two versions of something and looking at which version performs better

Question 6

ANOVA

Answer 6

Examines the relationship between a metric dependent variable and a set of non-metric (categorical) variables

Question 7

ANCOVA

Answer 7

Examines the relationship between a metric dependent variable and a set of non-metric (categorical) variables + (1+) continuous covariates

Question 8

Regression Analysis

Answer 8

Examines the relationship between a metric dependent variable and a set of metric independent variables

Question 9

Conjoint Analysis

Answer 9

Understand consumers’ preferences for products and services

Question 10

Cluster Analysis

Answer 10

Groups objects (consumers, products, firms, etc.) so that each object is similar to the other objects in the cluster and different from objects in all the other clusters

Question 11

Statistical power

Answer 11

That the H0 will be correctly rejected when it is false

Question 12

How to increase statistical power

Answer 12

Increase the sample size, significance level alpha, reduce measurement error, use more powerful test