Human impartiality is an illusion when it comes to selecting samples or test subjects. The question is not whether selection bias has occurred in the data but rather whether one is aware of it, and if statistical bias has been accounted for to the best of one’s abilities. Examples of selection bias show just how far-reaching its consequences can be.
The standard format for Microsoft Word documents has been .docx since 2007. But what exactly does the file extension refer to and how does it differ from the previous .doc format? Learn about the special characteristics of this file type and which programs can save and store .docx files apart from Microsoft Word.
It is estimated that at least 85 percent of our purchasing decisions are made subconsciously. This decision-making process is thus susceptible to cognitive biases. In addition, there are statistical biases that are relevant to marketing. Our extensive list provides numerous examples of cognitive biases and reveals how they can potentially be used in business and marketing.
Drop-down lists in Google Sheets provide useful formatting options for many users. Adding a drop-down list to a cell allows users to choose between lots of different options, or assign values to certain attributes. This step-by-step guide explains how to create drop-down lists in Google Sheets.
The bandwagon effect plays an important role across many marketing practices. The phenomenon, which was first studied in 1944, is regularly exploited by advertising companies for marketing campaigns and other activities. This is beneficial in marketing because most people prefer to be on the side of the “winner” and accordingly, follow other people who are happy with their purchasing decision.
The decoy effect has proven itself in sales processes time and time again, which makes it an important marketing instrument. The classic decoy effect model introduces a "decoy" product that has asymmetrically dominating attributes to manipulate customers into choosing between two products. What is the effect and how exactly does decoy effect marketing work?
The endowment effect is an example of cognitive distortion that has a profound impact on people’s actions, especially economically. It describes how “ownership creates value.” This definition indicates that the endowment effect is particularly significant in marketing and sales.
When it comes to asking customers and site visitors for feedback, there’s a wide range of free online survey tools at your disposal. These can support you in creating surveys, sending them to your target market, and analyzing your results at the end. But which application is the best for your needs? And what tools should you look out for? See our list of 5 prominent online survey tools.
Excel allows you to perform complex computations. However, you may often want to simplify the results, either by rounding up or down. In Excel, you can round using a function, saving time and effort. You can use the ROUND function directly and in its simple form, or build it into complex formulas. So, how do you use it correctly?
When performing complex calculations in tables, you can quickly produce values that are not fit for everyday use because they have far too many decimal places. The ROUNDDOWN function in Excel can help with this. It uses a simple formula to simplify your workflow. You can use it to round down any number to the desired number of decimal places.