Scale
a measurement scale that ranks or orders data without specifying the exact differences between the ranks.
Ordinal Scale
a systematic pattern of deviation from rational judgment, where individuals process information subjectively, often leading to inaccurate or irrational conclusions
Cognitive Bias
A company pays $1 Million for their store. They buy their shirts for $10, and sell them for $20.
What is their fixed cost?
$1 Million
a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention
Patent
In business, what does IP usually mean?
Intellectual Property
A quantitative measurement scale where values are ordered, the differences between values are meaningful and equal, but there is no true zero point.
Interval Scale
an error that happens when the members of a population are more heavily considered than what is truly representative of the full population.
Sampling Bias
A company pays $1 Million for their store. They buy their shirts for $10, and sell them for $20.
What is their variable cost?
$10
a symbol, word, or words legally registered or established by use as representing a company or product.
Trademark
repetition of a process or procedure applied to the previous result, typically as a means of obtaining successively closer approximations to the solution
Iteration
a psychometric tool used to measure attitudes, opinions, or perceptions by asking respondents to rate their level of agreement or disagreement with a series of statement
Likert Scale
the tendency to interpret new evidence as confirmation of one's existing beliefs or theorie
Confirmation Bias
represents the direct costs incurred to produce or purchase the goods a business sells during a specific period.
Cost of Goods Sold
the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
Copyright
also known as bucket testing or split testing, is a user experience research method used to compare two versions of a single variable to determine which one performs better
A/B Testing
a measurement scale with a true zero point, equal intervals between values, and a meaningful order, allowing for all arithmetic operations including ratios
Ratio Scale
bias occurs when individuals who do not participate in a survey or study differ systematically from those who do, leading to a sample that is not representative of the target population
Non-response Bias
the value of the next best alternative that is forgone when a choice is made
Opportunity Cost
A confidential business information that provides a competitive advantage
trade secret
a U.S.-based consumer insights program where participants scan their purchases to provide data that helps manufacturers and retailers understand shopping behavior
National Consumer Panel
a measurement tool used to quantify cognitive, emotional, social, or behavioral variables, often through structured questionnaires or rating systems.
Psychometric Scale
the bias that occurs when individuals choose to participate in a study or survey based on their own characteristics, leading to a non-representative sample that can distort research findings
Self-Selection Bias
Cost that has already been incurred and cannot be recovered, and therefore should not influence future decision-making
Sunk Cost
the overall visual appearance of a product, its packaging, or a business establishment that identifies the source of the product or service to consumers
Trade Dress
measures the average change over time in the prices paid by urban consumers for a basket of goods and services, serving as a key indicator of inflation and cost of living
CPI (Consumer Price Index)