When I worked for a national financial institution, the bank was interested in exploring a teen outreach program. Bankers would advertise to local high schools and offer "financial fitness" classes, with information about how to manage your finances. During the courses, bankers handed out plenty of bank-branded swag. The program cost a fair amount of money but the bank expected that within 3 years, these classes would result in increased number of bank accounts at the hosting bank branches. After 3 years, all the data was collected and an appropriate t-test was performed to test accounts. the branches that offered the program had a higher number of new bank Describe the possible Type I and Type Il errors in this context, and the consequences of those errors.

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Author:Amos Gilat
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When I worked for a national financial institution, the bank was interested in exploring a teen outreach program. Bankers would advertise to local high schools
and offer "financial fitness" classes, with information about how to manage your finances. During the courses, bankers handed out plenty of bank-branded swag.
The program cost a fair amount of money but the bank expected that within 3 years, these classes would result in increased number of bank accounts at the hosting
bank branches.
After 3 years, all the data was collected and an appropriate t-test was performed to test
the branches that offered the program had a higher number of new bank
accounts.
Describe the possible Type l and Type Il errors in this context, and the consequences of those errors.
Transcribed Image Text:When I worked for a national financial institution, the bank was interested in exploring a teen outreach program. Bankers would advertise to local high schools and offer "financial fitness" classes, with information about how to manage your finances. During the courses, bankers handed out plenty of bank-branded swag. The program cost a fair amount of money but the bank expected that within 3 years, these classes would result in increased number of bank accounts at the hosting bank branches. After 3 years, all the data was collected and an appropriate t-test was performed to test the branches that offered the program had a higher number of new bank accounts. Describe the possible Type l and Type Il errors in this context, and the consequences of those errors.
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