Explain the process and importance of interpretation in business ...

Answer to #1

Interpretation is the process of drawing inferences from the analysis results. Inferences drawn from interpretations lead to managerial implications. In other words, each statistical analysis produces results that are interpreted with respect to insight into a particular decision. From a management perspective, the qualitative meaning of the data and their managerial implications are an important aspect of the interpretation.

Answer to #2

D
If consumers continue to see positive things about a firm or product, they are less likely to leave the relationship, whereas gaining a new customer requires much more investment.

Answer to #3

B

Answer to #4

F
Nonresponse is a type of respondent error.

Answer to #5

B
The hypothesis requires a two-tailed test. For a desired confidence level (1) of 95 percent, the critical value is 1.96.

Answer to #6

Box and whisker plots provide graphic representations of central tendencies, percentiles, variabilities, and the shapes of frequency distributions. The response categories to a question are shown on the vertical axis. The small box inside the plot represents responses for half of all respondents. This gives a measure of variability called the interquartile range (or midspread). The location of the line within the box indicates the median. The dashed lines that extend from the top and bottom of the box are the whiskers. Each whisker extends either the length of the box or to the most extreme observation in that direction. An outlier is a value that lies outside the normal range of the data. The plots are particularly useful for spotting outliers or comparing group categories (e.g., men vs. women).

Answer to #7

C
Definition of consideration set

Answer to #8

C

Answer to #9

F
The two general categories of systematic error are respondent error and administrative error.

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