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1. E-commerce. A market researcher at a major clothing company that has traditionally relied on catalog mail- order sales decides to investigate whether the amount of online sales has changed. She compares the mean monthly online sales of the past several months with a historical figure for mean monthly sales for online purchases. She gets a P-value of 0.01. Explain in this context what the 1% represents.

2. Performance standards. The United States Golf Association (USGA) sets performance standards for golf balls. For example, the initial velocity of the ball may not exceed 250 feet per second when measured by an apparatus approved by the USGA. Suppose a manufacturer intro- duces a new kind of ball and provides a randomly selected sample of balls for testing. Based on the mean speed in the sample, the USGA comes up with a P-value of 0.34. Explain in this context what the 34% represents.

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Accounting Basics, Accounting

Category:- Accounting Basics
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