Question: Hey guys need some help with stats. In your environment (business or personal), please describe a hypothesis test related to a decision. What would be

Hey guys need some help with stats.

In your environment (business or personal), please describe a hypothesis test related to a decision.

  • What would be your data?
  • What would be your null hypothesis?
  • What would be your alternative 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?

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