Ford Motor Company is conducting a survey concerning consumer buying preferences of a particular truck. The company wants to know whether the truck appearance, miles per gallon (MPG), or fixed price most influence the consumer’s buying decision. A population sample of 500 individuals, both male and female, will be surveyed and the data will be presented in a table. The company wants to know if there is a pattern to these preferences in order to better predict consumer behavior. Specifically, the firm wants to know if there is any difference in proportion using the three different criterions to purchase the given car based on gender. Define the response and explanatory variables.
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.
Ford Motor Company is conducting a survey concerning consumer buying preferences of a particular truck. The company wants to know whether the truck appearance, miles per gallon (MPG), or fixed price most influence the consumer’s buying decision. A population sample of 500 individuals, both male and female, will be surveyed and the data will be presented in a table. The company wants to know if there is a pattern to these preferences in order to better predict consumer behavior. Specifically, the firm wants to know if there is any difference in proportion using the three different criterions to purchase the given car based on gender.
Define the response and explanatory variables.
Step by step
Solved in 2 steps
