Non-Parametric Tests in Business Decision-Making
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What are various non-parametric tests utilized in business decision making? Give an example of each test with an appropriate business situation.
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Solution Summary
This solution of 491 words defines non-parametric tests and gives examples and explanations of at least eight non-parametric tests that can be used in a business situation.
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Specifically, nonparametric methods were developed to be used in cases when the researcher knows nothing about the parameters of the variable of interest in the population. In more technical terms, nonparametric methods do not rely on the estimation of parameters (such as the mean or the standard deviation) describing the distribution of the variable of interest in the population. Therefore, these methods are also sometimes (and more appropriately) called parameter-free methods or distribution-free methods.
Some examples of nonparametric techniques are:
Differences between independent groups: Wald-Wolfowitz runs test, the Mann-Whitney U test, and the Kolmogorov-Smirnov two-sample test. These are all ordinal in nature, and not really used in business ...
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