Definition: The F-Distribution is also called as Variance Ratio Distribution as it usually defines the ratio of the variances of the two normally distributed populations. The F-distribution got its name after the name of R.A. Fisher, who studied this test for the first time in 1924. Symbolically, the quantity is distributed as F-distribution with ν1 =n1-1 and ν2 = n2-1 … [Read more...] about F-Distribution

## Applications of t-Distribution

Definition: The t-distribution is a probability distribution method wherein the hypothesis of the mean of a small sample is tested, which is drawn from the systematic population whose standard deviation is unknown. It is a statistical measure used to compare the observed data with the data expected to be obtained from a specific hypothesis. Applications of t-distribution The … [Read more...] about Applications of t-Distribution

## t-Distribution

Definition: The t-Distribution, also known as Student’s t-Distribution is the probability distribution that estimates the population parameters when the sample size is small and the population standard deviation is unknown. It resembles the normal distribution and as the sample size increases the t-distribution looks more normally distributed with the values of means and … [Read more...] about t-Distribution

## Degrees of Freedom

Definition: The Degrees of Freedom refers to the number of values involved in the calculations that have the freedom to vary. In other words, the degrees of freedom, in general, can be defined as the total number of observations minus the number of independent constraints imposed on the observations. The degrees of freedom are calculated for the following statistical tests … [Read more...] about Degrees of Freedom

## Hypothesis Testing Procedure

Definition: The Hypothesis is an assumption which is tested to check whether the inference drawn from the sample of data stand true for the entire population or not. Hypothesis Testing Procedure The following steps are followed in hypothesis testing: Set up a Hypothesis: The first step is to establish the hypothesis to be tested. The statistical hypothesis is an … [Read more...] about Hypothesis Testing Procedure

## Hypothesis Testing

Definition: The Hypothesis Testing is a statistical test used to determine whether the hypothesis assumed for the sample of data stands true for the entire population or not. Simply, the hypothesis is an assumption which is tested to determine the relationship between two data sets. In hypothesis testing, two opposing hypotheses about a population are formed Viz. Null … [Read more...] about Hypothesis Testing

## Economic Factors Influencing Consumer Behavior

Definition: The Economic Factors are the factors that talk about the level of sales in the market and the financial position of the consumer, i.e. how much an individual spends on the purchase of goods and services that contribute to the overall sales of the company. The following are the main economic factors that greatly influence the consumer buying behavior: … [Read more...] about Economic Factors Influencing Consumer Behavior

## Personal Factors Influencing Consumer Behavior

Definition: The Personal Factors are the individual factors to the consumers that strongly influences their buying behaviors. These factors vary from person to person that results in a different set of perceptions, attitudes and behavior towards certain goods and services. Some of the important personal factors are: Age: The consumer buying behavior is greatly … [Read more...] about Personal Factors Influencing Consumer Behavior

## Cultural Factors Influencing Consumer Behavior

Definition: The Cultural Factors are the factors that an individual learns at a very early stage of life due to socialization within the family and other key institutions, such as the set of values, preferences, behavior patterns, and perceptions are learned as the individual grows. Some of the important cultural factors are: Culture: The culture refers to the … [Read more...] about Cultural Factors Influencing Consumer Behavior

## Social Factors Influencing Consumer Behavior

Definition: The Social Factors are the factors that are prevalent in the society where a consumer live in. The society is composed of several individuals that have different preferences and behaviors. These varied behaviors influence the personal preferences of the other set of individuals as they tend to perform those activities which are acceptable to the society. The … [Read more...] about Social Factors Influencing Consumer Behavior