Rapid Statistical Calculations for
Determining the Success of
Bruce Ratner, Ph.D.
People are always performing hand calculations, despite computers continuously evolving into smarter thinking machines for analyzing data. Whether at home balancing the checkbook, or in the office figuring out the markdown to close the deal, people are, at one time or another, doing some kind of rapid pencil-and-paper calculations. In direct marketing, data analysts routinely perform rapid statistical calculations for analyzing campaign results. This article details rapid calculations for five popular statistical significance tests (decision rules) for determining the success of marketing campaigns. Additionally, a sixth decision rule, albeit novel and virtually unknown to statisticians, is presented to contrast today's thinking that information can only be extracted from BIG data.
This article will be a welcomed addition to direct marketers analyzing campaign results. Statistical data analysts with a basic understanding of the concepts of significance level and critical values will use this article as a handy reference guide, eliminating the need to lookup the significance tests in their dusty statistics books. Marketing analysts with limited statistical background can use the decision rules like well-tested recipes to yield the correct results every time.
1. When Data Are Too Large to Handle in the Memory of Your Computer
2. Data Preparation for Determining Sample Size
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