Question

Using plots and descriptive statistics is too simple for making any marketing decisions (T or F)

Median should always be preferred over mean because it is less sensitive to outliers (T or F)

If the data is largely skewed to right, median could be a better typical value than mean (T or F)

Discrete variable and continuous variable can be used at the same time for independent variables. (T or F)  

Regression analysis requires us to have at least one discrete independent variable.

Answer 1

Let us answer each of the above questions as follows-

Using plots and descriptive statistics is too simple for making any marketing decisions- True

(It gives the trends and key indicators regarding a dataset making it easier for decision making)

Median should always be preferred over mean because it is less sensitive to outliers - False

(Only when you think outliers have a significant impact on the data set)

If the data is largely skewed to right, median could be a better typical value than mean - True

(In right-skewed data, Mean > Median > Mode! So, when data is skewed, we prefer Median over Mean)

Discrete variable and continuous variable can be used at the same time for independent variables - True

(Just as we do for variables like gender and dummy variables when used with continuous variables like height/age etc)

Regression analysis requires us to have at least one discrete independent variable - False

(This need not be the case)

Let me know if you need anything else, if not please don't forget to like the answer :)