M5D1: Chi-Square Analyses
Chi-square is particularly used with nominal data. This tool is quite helpful when people, objects, or events are grouped in two or more nominal classes as of A, B, C, and D, for or against, and yes or no.
Consider that a specialty retail chain wants to determine if their strategy for changing the product mix has resulted in increased revenues. Now, respond to the following:
- How would you use chi-square analyses to find out if the product mix change has resulted in increased revenue?
In making your response, if possible, incorporate your personal experience with the topic or how you think the discussion topic applies or is relevant to your academic major or future career.