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    Chi Square: How useful in business?

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    We utilize the goodness of fit test (chi square) to understand if the observed frequencies within our sample behave as expected (when compared to either a different sample of the population).

    Discuss where this common statistical analysis technique might be useful in your business. Is it being used already? If not, how will you help introduce others to it?

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    Chi-square analysis is helpful in knowing whether the frequencies in the sample behave as expected or to compare the frequencies in one set to the frequencies in another and determine if they seem to be coming from the same population (with a 95% confidence). In retail, we target certain customers and are always trying to see if our initiatives are successful in reaching these targets. We are also interested in knowing if our advertising or ...

    Solution Summary

    This solution discusses where a chi square statistical analysis might be useful.