Table of contents

1. Introduction to Statistics53m
2. Describing Data with Tables and Graphs2h 1m
3. Describing Data Numerically1h 48m
4. Probability2h 26m
5. Binomial Distribution & Discrete Random Variables2h 55m
6. Normal Distribution & Continuous Random Variables1h 48m
7. Sampling Distributions & Confidence Intervals: Mean2h 8m
8. Sampling Distributions & Confidence Intervals: Proportion1h 20m
- Sampling Distribution of Sample Proportion
  35m
- Confidence Intervals for Population Proportion
  45m
9. Hypothesis Testing for One Sample2h 23m
10. Hypothesis Testing for Two Samples3h 25m
11. Correlation1h 6m
12. Regression1h 4m
13. Chi-Square Tests & Goodness of Fit1h 30m
14. ANOVA1h 4m

7. Sampling Distributions & Confidence Intervals: Mean

Introduction to Confidence Intervals

Statistics for Business

7. Sampling Distributions & Confidence Intervals: Mean

Introduction to Confidence Intervals

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Multiple Choice

A Net Promoter Score (NPS) would be used to measure which of the following outcomes?

Customer loyalty and satisfaction

Inventory turnover rate

Market share growth

Employee productivity

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Understand the concept of Net Promoter Score (NPS): NPS is a metric used to measure customer loyalty and satisfaction by asking customers how likely they are to recommend a product or service to others.

Recognize the purpose of NPS: It is specifically designed to assess customer sentiment and their likelihood of promoting the business, which directly ties to customer loyalty and satisfaction.

Eliminate unrelated options: Inventory turnover rate, market share growth, and employee productivity are metrics that measure operational efficiency, market performance, and workforce output, respectively, and are not directly related to NPS.

Focus on the correct outcome: Since NPS evaluates customer loyalty and satisfaction, it is the most relevant outcome among the options provided.

Conclude that the correct answer is 'Customer loyalty and satisfaction,' as NPS is a tool specifically designed to measure this aspect of business performance.

6:33m

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Multiple Choice

A company is interested in estimating lunch costs in their cafeteria, so they survey employees asking for their monthly lunch expenses. The staff calculated a 95% confidence interval for the mean amount of money spent on lunch to be ($580, $720). What are the point estimate and margin of error for this sample data?