Formulate the hypotheses to determine if KNUST Lecturers are paid less than UG Lecturers? Justify using both the critical value and p-value approaches. Assume alpha=5% 2. SIC, an insurance company is reviewing its current policy rates. When originally setting the rates they wished that the average claim amount is below GHc1,800. But, they are concerned, now that the true mean is actually at least this amount, because the company could potentially lose a lot of money. They randomly selectecd 20 claims and found the mean to be GHc1,950 with a standard deviation of GHc500. Use ? = 0.01, to test if the insurance company should be concerned. Should the insurance company be concerned about their current policies? Justify using both the critical value and the p-value approaches and conclude practically. Is there any difference due to chance? 3. , do you think the following scatter plots contain any outliers or any influential data points? 4. difference between p value and alpha
1. Formulate the hypotheses to determine if KNUST Lecturers are paid less than UG Lecturers? Justify using both the critical value and p-value approaches. Assume alpha=5%
2. SIC, an insurance company is reviewing its current policy rates. When originally setting the rates they wished that the average claim amount is below GHc1,800. But, they are concerned, now that the true mean is actually at least this amount, because the company could potentially lose a lot of money. They randomly selectecd 20 claims and found the mean to be GHc1,950 with a standard deviation of GHc500. Use ? = 0.01, to test if the insurance company should be concerned. Should the insurance company be concerned about their current policies? Justify using both the critical value and the p-value approaches and conclude practically. Is there any difference due to chance?
3. , do you think the following
4. difference between p value and alpha
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