In: Statistics and Probability

As you think about the nature of hypothesis testing, making inferences from samples, respond to the quote below. Include in your response an assessment of the benefits of this approach and the drawbacks of this approach.

Statistics may be defined as "a body of methods for making wise decisions in the face of uncertainty."

Please write clear !

according to W.A. Wallis and H.V. Roberts statistics is a body of methods for making wise decisions in the face of uncertainty

we know that in statistics we make inference and estimate value of parameters or in other words we think about a possible outcome with some uncertainty . results by any method of statistics are not perfect.i.e. results obtained with the help of any method of statistics can not exactly equal to true results .estimated results are always different from exact result . i.e. result drawn from inference always contain some uncertainty in it .

due to this uncertainty in results drawn , we always have risk in accepting that the result is true or accepting drawn results of inference . this risk can be minimized but can not be eliminated.

hence benifits of application of statistics in face of uncertainty is that it is used to make a idea about future results , in thus case we can prepare ourself to be ready for upcoming problems . it also used for prediction about future values ,for example in stock market we predict future values of stocks by inference .

and disadvantage is that there is always some uncertainty in results drawn from inference .

please like ?

Testing less than 100 per cent of a population for the purpose
of making inferences about that population? for auditing
definition

There are many controversies in the real life about the
hypothesis testing. What do you think are the potential reasons for
that? Can we find and share any example of misleading results of
the hypothesis testing?

In
your own words, describe what you have learned about hypothesis
testing and hypothesis testing for the mean. Give one or more
examples of how you could use this information to test a problem.
Be specific on what the problem would be about.

explain how hypothesis testing and statistical
inferences are useful in industry, academic, and scientific
research. Do you think these methods are useful?

When making inferences concerning the mean difference using two
dependent samples, it is necessary to calculate the standard
deviation of the sample differences.
Calculate the standard deviation of the sample differences using
the following information.
Round to 2 decimal places.
College Placement Test Results
Applicant
1
2
3
4
5
Before
51
62
74
64
72
After
68
87
82
75
84

As we get into hypothesis testing I often think about the
treatment of a patient. How can you relate hypothesis testing to
the medical field? Think of an example of how hypothesis testing
could be used and comment on what your classmates come up with.

Hypothesis Testing
Directions:
You will conduct your own hypothesis test. Find something you
think is interesting and contains a proportion that you would like
to test. You need to conduct a left, right or two-tailed hypothesis
test based on whether or not you believe this statistic to be too
low, too high or just plain wrong. You will need to state your
hypothesis, determine the minimum necessary sample size, perform
calculations, and present your results in a short paper.
Use...

Explain the role that a sample plays in making statistical
inferences about the population. Give an example of a sampling
survey for a business study, and briefly discuss how the projected
sampling results could have an effect on the business’ pricing
strategies and price competitions.

Unit 6 [Hypothesis Testing/Decision
Making]
For all Hypothesis\Decision Making Problems, please do
the following:
1. Answer: Is the data
discrete or continuous?
2. List the assumptions.
3. State the null and
alternate hypothesis.
4 Write down the
proper test statistic, Show all calculations, i.e. impute the
numbers.
.
Set up Decision rules. Show the critical value.
Reject or Fail to reject.
5. State your
conclusions.
6.2.1
A sample of...

discuss about different methods of decision making with
hypothesis testing (p value, critical value and confidence
interval) and which one you prefer to use on discussion board

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