In your own words, what do you think a hypothesis test is and why? Please elaborate

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Expert Solution

Hypothesis testing is an act in statistics where one tests an assumption regarding a population parameter.

A hypothesis test evaluates two mutually exclusive statements about a population to determine which statement is best supported by the sample data.

Hypothesis testing is used to assess the plausibility of a hypothesis by using sample data. Such data may come from a larger population, or from a data-generating process.

We can test a hypothesis by measuring and examining a random sample of the population being analyzed. We can use a random population sample to test two different hypotheses: the null hypothesis and the alternative hypothesis.

The null hypothesis is usually a hypothesis of equality between population parameters; e.g., a null hypothesis may state that the population mean return is equal to zero. The alternative hypothesis is effectively the opposite of a null hypothesis; e.g., the population mean return is not equal to zero. Thus, they are mutually exclusive, and only one can be true. However, one of the two hypotheses will always be true.

orchestra answered 1 year ago

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