Decision Process: Hypothesis Testing
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Identify a decision process within your work or business interests that could be resolved based on data.
a. Describe the null and research hypotheses.
b. Compute (or use an educated guess for) an appropriate estimate and its standard error.
c. Find a confidence interval.
d. Test the hypothesis.
e. Interpret and explain your results.
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Solution Summary
A hypothesis test is conducted. It involves identifying a decision process that could be resolved with data.
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Hypothetical decision process that could be resolved based on data (tutor can think of any scenario that would help me understand)
I'm having a tough time coming up with a 'scenario' for this problem. Could someone help me use a specific situation and come up with answers to these problems? Thanks!
1. Identify a decision process within your work or business interests that could be resolved based on data.
Suppose the marketing department at your company says that 50% of the consumers prefer your product and 50% prefer the product of your competitors. You suspect that less than half of the consumers prefer your product and decide to do a hypothesis test. Suppose you randomly select 200 consumers and ask them which product they prefer. Of the 200 in the sample, 90 say they prefer your company's product.
a. Describe the null and research hypotheses. ...
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