Under what circumstances would the Mood's Median non-parametric test be applied in business research? Group of answer choices a. The data are not normally distributed b. Outliers in the data exist c. Multiple medians are to be compared d. Answers 1 and 2 only e. Answers 1, 2 and 3

Under what circumstances would the Mood's Median non-parametric test be applied in business research? Group of answer choices a. The data are not normally distributed b. Outliers in the data exist c. Multiple medians are to be compared d. Answers 1 and 2 only e. Answers 1, 2 and 3

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section: Chapter Questions

Problem 40P: The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels....

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Concept explainers

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

Question

Under what circumstances would the Mood's Median non-parametric test be applied in business research?

Group of answer choices

a. The data are not normally distributed

b. Outliers in the data exist

c. Multiple medians are to be compared

d. Answers 1 and 2 only

e. Answers 1, 2 and 3

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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