es data from before the roll out. Each sales person when they closed a sale had an average contract of $108 with a standard deviation of $12. During the first month after the roll out, a sample of sales showed the average contract was $116. Which statistical test could be used to see if this was a significant increase in contract size? z-test
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
A company has rolled out a new process for sales people to use. They were able to go back into the company records and pull all sales data from before the roll out. Each sales person when they closed a sale had an average contract of $108 with a standard deviation of $12. During the first month after the roll out, a sample of sales showed the average contract was $116. Which statistical test could be used to see if this was a significant increase in contract size?
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z-test |
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one-sample t-test |
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independent samples t-test |
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ANOVA |
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