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    Applications of inference and hyothesis testing

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    In what areas of your business is it important to draw inference? Describe a time when drawing an inference may have hurt your business.

    What is the significance of a one-tailed test as opposed to a two-tailed test? Describe a set of data that is one tailed. Describe a second set that is 2 tailed.

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    In the areas of my business relating to projecting predictable mathematical trends such as financial and resource areas, it is important to draw inference in order to best prepare for probably future eventualities that can be reasonably predicted. A time when drawing an inference may have hurt my business was applying such reason to a qualitative, not quantitative area. The business I am thinking of is when I was a syndicated journalist with a column. I decided to quite supplying my column to any publication with a distribution below a semi-arbitrarily set level. The idea was to add to the prestige quality of the column by having it not published in serials of apparently little import. Later, I ...

    Solution Summary

    Document on real-worl examples and applications of statistical inference and hypothesis testing.