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Using hypothesis testing in real world setting

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Describe how a consumer advocate might proceed to establish his point of view using hypothesis testing. Please create a scenario for me with numbers. List all the steps taken.

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A consumer advocate is someone who looks out for consumers and wants to make sure that they get what they pay for, and fights for their rights.

One controversial product is weight loss pills. They claim to help a person lose a significant amount of weight, and these claims are fishy. A consumer advocate would want to test to see if the pill will actually reduce weight more than a population of people who actually are trying to lose weight the old fashion way.

So essentially, they would recruit a general population of people who are trying to lose ...

Solution Summary

This posting looks at how a consumer advocate (someone who fights for consumer rights) may use hypothesis testing to show consumers that a product is as wonderful as it seems. This posting looks at diet pills as an example.

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Hypothesis testing has been described by some as the use of statistics to determine the probability that a given hypothesis is true. Is this the case. Are real world managerial hypotheses testable? Do you think you could translate real world managerial problems into a testable framework allowing for the application of the methods we have been learning. Are there time constraints applicable to managerial decision-making? If so, how; if not, why not? Are there certain classes of problem more suitable than others? Construct an argument for your assertion and provide a real world example supporting your argument.

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