Identify two (2) reasons why a business may choose to use trend analysis. (2 reasons)
To identify areas where a business is under performing.
To provide evidence to inform decision making
Identify areas where the business is performing well to duplicate success.
Describe the term ‘forecasting’. (1 sentence)
List four (4) methods of statistical analysis that can be used to analyse market data to interpret market trends and developments. (4 methods)
Describe the conversion rate of leads to sales. (80 words)
Why is it important to measure the conversion rate of leads to sales at different times? (1 sentence)
Describe each of the measures of central tendency. (200 words)
Why is the normal distribution curve a useful statistical concept? (1 sentence)
Describe ‘XLSTAT’ and two (2) of its features. (1 sentence + 2 features)
Describe ‘SPSS Statistics’ and two (2) of its features. (1 sentence + 2 features)
How do you calculate the lifetime value of a customer? (1 sentence)
What do measures of dispersion show? Provide an example to illustrate your answer. (2 sentences)
Describe the ‘Delphi technique’. (180 words)
What is ‘Chi-square testing’? (80 words)
Discuss the purpose of sampling. (1 sentence)
Describe probability and non-probability sampling. (2 sentences)
Define the term the ‘net present value’ of a customer. (1 sentence)
Define the terms ‘correlation’ and ‘positive and negative correlation’. (2 sentences)
Define the term ‘causation’. (1 sentence)
What is ‘frequency’? (1 sentence)
What is a frequency chart? (1 sentence)
Explain the purpose of the Competition and Consumer Act 2010. (1 sentence)