Describe a possible application of hypothesis testing to a business setting. The application you describe need not be a real one (one that has actually occurred), it can be an application that you invent. You should describe a) what the business setting is b) what data you would use c) what null hypothesis you would test and what the alternative hypothesis is. d) what type of test you would use e) You should explain what level of significance you would use and why. f) You should explain how to interpret the outcome of the test: what does it tell you if you could reject or could not reject the null hypothesis? g) Finally, you should explain the possible advantages of using hypothesis testing in this application and its possible downsides / dangers (when / how using a hypothesis test could lead to mistaken inferences or erroneous decisions).
Describe a possible application of hypothesis testing to a business setting. The application you describe need not be a real one (one that has actually occurred), it can be an application that you invent.
You should describe
a) what the business setting is
b) what data you would use
c) what null hypothesis you would test and what the alternative hypothesis is.
d) what type of test you would use
e) You should explain what level of significance you would use and why.
f) You should explain how to interpret the outcome of the test: what does it tell you if you could reject or could not reject the null hypothesis?
g) Finally, you should explain the possible advantages of using hypothesis testing in this application and its possible downsides / dangers (when / how using a hypothesis test could lead to mistaken inferences or erroneous decisions).
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