In your environment (business or personal), describe a hypothesis test related to a decision. What would be
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In your environment (business or personal), describe a hypothesis test related to a decision. What would be your data? What would be your null hypothesis? What would be your alternate hypothesis? What would be your Type 1 and Type 2 errors relative to your decision? Suppose you have a p-value of 0.01, what does this mean relative to your problem and decision? Suppose the p-value is 0.20, what does this mean relative to your problem and decision?
Related Book For
Business Statistics a decision making approach
ISBN: 978-0133021844
9th edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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