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    Research and Evaluation: Hypothesis Testing

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    a. What value is business research and hypothesis testing to a company? How long should it take a company to complete a scientific research study?

    b. How is hypothesis testing used in politics? Explain your response. When and how would you use hypothesis testing at your place of employment?

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    A) Business research is critical in a company in my opinion. When a company needs to make important decisions, there are many factors that need to be considered such as:
    - the resources that are needed to make this change
    - the time it will take
    - retaining employees
    - buying new equipment/software/products...

    Thus, you have to be 100% sure that this change is for the better, and it will advance the company. But the truth is, how do we determine IF in fact we should make a decision? It is critical not to rely on raw data, or on hunches. If a manager picks up on a certain trend, or examines data and thinks that there is interesting info in it, that is a wonderful stepping stone to a more scientific method of collecting data. However, large decisions can't be made on hunches or eyeballing data. This is a recipe for disaster. It would then be better to proceed with a formal research project with hypothesis testing to provide verification for your idea.

    If you conduct formal research then you will be able to present your findings in a clear, scientific and convincing way, that will ...

    Solution Summary

    This solution provides a detailed explanation of the given statistics questions.