In statistics, a hypothesis is a claim or statement about a property of a population. A...

In statistics, a hypothesis is a claim or statement about a property of a population. A hypothesis test is a procedure for testing a claim about a property of a population.

In your initial post explain the importance of the Hypothesis test in a business setting, and give an example of a situation where it is helpful in business decision making.

Expert Solution

Business managers make decisions on a daily basis that affect the efficiency and success of their companies. To monitor progress and stay competitive, most organizations collect and store large amounts of data. While the data collected can be used to make important business decisions, data storage itself does not equate to improved decision making. Rather, it is critical that you correctly analyze and interpret the data before applying it to improve business performance.

One important way of analyzing a set of data is through hypothesis testing. Hypothesis testing uses sample statistics to test a claim about a data parameter. For example, your company wants to increase sales by funding a new marketing campaign. It uses the campaign in one region of the country to test the effects and begins collecting data to see whether the campaign has had its desired effect. Your company will only continue the new campaign nationally if it believes sales will rise by more than 25%.

orchestra answered 2 years ago

We when run a hypothesis test, we are looking to verify a claim about a population...

We when run a hypothesis test, we are looking to verify a claim about a population parameter. Why is it important that we have a statistical tool to allow us to do this? For example, suppose that you were the quality control officer for a CPU manufacturer. Your job is to ensure that the CPUs your company makes meet certain performance standards so that when they are installed in iPhones they function properly and the phone company can truthfully claim...

9. A null hypothesis makes a claim about a _______. Multiple Choice sample statistic population parameter...

9. A null hypothesis makes a claim about a _______. Multiple Choice sample statistic population parameter sample mean type II error 10. The average cost of tuition plus room and board for a small private liberal arts college is reported to be $8,500 per term, but a financial administrator believes that the average cost is higher. A study conducted using 350 small liberal arts colleges showed that the average cost per term is $8,745. The population standard deviation is $1,200....

Test the claim that for the population of statistics final exams, the mean score is 7777...

Test the claim that for the population of statistics final exams, the mean score is 7777 using alternative hypothesis that the mean score is different from 77.77. Sample statistics include n=22, x¯=78, and s=16. Use a significance level of .α=0.05. (Assume normally distributed population.) The test statistic is The positive critical value is The negative critical value is The conclusion is A. There is not sufficient evidence to reject the claim that the mean score is equal to 77. B....

Test the claim that for the population of statistics final exams, the mean score is 73...

Test the claim that for the population of statistics final exams, the mean score is 73 using alternative hypothesis that the mean score is different from 73. Sample statistics include n=25, x¯¯¯=74, and s=11. Use a significance level of α=0.05. (Assume normally distributed population.) The test statistic is equation editorEquation Editor The positive critical value is equation editorEquation Editor The negative critical value is

(1 point) Test the claim that for the population of statistics final exams, the mean score...

(1 point) Test the claim that for the population of statistics final exams, the mean score is 76 using alternative hypothesis that the mean score is different from 76. Sample statistics include n=26,x¯=77, and s=18 Use a significance level of α=0.05. (Assume normally distributed population.) The positive critical value is: The negative critical value is:

Write an accurate concluding statement for the following hypothesis tests. (a) You claim that the mean...

Write an accurate concluding statement for the following hypothesis tests. (a) You claim that the mean volume of all 12 ounce cans of Fizzy Pop is less than 12 ounces. After analyzing the data and performing a hypothesis test, you fail to reject the null hypothesis. (b) Fizzy Pop claims that most 12 ounce cans of Fizzy Pop contain more than 12 ounces. After analyzing the data and performing a hypothesis test, you reject the null hypothesis. (c) You claim...

Is this a true statement why or why not? Rejecting the null hypothesis that the population...

Is this a true statement why or why not? Rejecting the null hypothesis that the population slope is equal to zero or no relationship exists concludes that the population slope is, indeed, not equal to zero; and, therefore, there is a significant relationship between x and y. That being said, this information simply provides us with the measure of the strength of the relationship between the two variables. It informs us of how the variables are correlated, if they are...

Test the following claim. Identify the null hypothesis, alternative hypothesis, test statistic, P-value, conclusion about the...

Test the following claim. Identify the null hypothesis, alternative hypothesis, test statistic, P-value, conclusion about the null hypothesis, and final conclusion that addresses the original claim. A simple random sample of 60 screws supplied by a certain manufacturer is obtained, and the length of each screw is measured. The sample mean is found to be 0.622 in. Assume that the standard deviation of all such lengths is 0.016 in, and use a 0.01 significance level to test the claim that...

Hypothesis Test for Difference in Population Means (σσ Unknown) You wish to test the following claim...

Hypothesis Test for Difference in Population Means (σσ Unknown) You wish to test the following claim (HaHa) at a significance level of α=0.10α=0.10. Ho:μ1=μ2Ho:μ1=μ2 Ha:μ1≠μ2Ha:μ1≠μ2 You believe both populations are normally distributed, but you do not know the standard deviations for either. We will assume that the population variances are not equal. You obtain a sample of size n1=14n1=14 with a mean of M1=78.1M1=78.1 and a standard deviation of SD1=5.6SD1=5.6 from the first population. You obtain a sample of size...

1. Test the claim about the population mean, ?, at the level of significance, ?. Assume...

1. Test the claim about the population mean, ?, at the level of significance, ?. Assume the population is normally distributed. Claim: ? ≤ 47, ? = 0.01, ? = 4.3 Sample statistics: ?̅ = 48.8, ? = 40 A. Fail to reject ?0. There is enough evidence at the 1% significance level to support claim. B. Not enough information to decide. C. Reject ?0. There is enough evidence at the 1% significance level to reject the claim. 2. Use...

Question