Ask Business Management Expert

Assignment

Scenario 1

https://content.learntoday.info/G310c_Spring_15/site/Project/g310_scenario_option1.docx

https://content.learntoday.info/G310c_Spring_15/site/Project/g310_dataset_option1.xlsx

This week you will begin working on Phase 3 of your course project. Using the same data set and variables for your selected topic, add the following information to your analysis:

• Discuss the process for hypothesis testing.

• Discuss the 8 steps of hypothesis testing?

• When performing the 8 steps for hypothesis testing, which method do you prefer; P-Value method or Critical Value method? Why?

• Perform the hypothesis test.

• If you selected Option 1:

• Original Claim: The average salary for all jobs in Minnesota is less than $65,000.

• Test the claim using α = 0.05 and assume your data is normally distributed and σ is unknown.

• If you selected Option 2:

• Original Claim: The average age of all patients admitted to the hospital with infectious diseases is less than 65 years of age.

• Test the claim using α = 0.05 and assume your data is normally distributed and σ is unknown.

• Based on your selected topic, answer the following:

• Write the null and alternative hypothesis symbolically and identify which hypothesis is the claim.

• Is the test two-tailed, left-tailed, or right-tailed? Explain.

• Which test statistic will you use for your hypothesis test; z-test or t-test? Explain.

• What is the value of the test-statistic? What is the P-value?

• What is the critical value?

• What is your decision; reject the null or do not reject the null?

• Explain why you made your decision including the results for your p-value and the critical value.

• State the final conclusion in non-technical terms.

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M92053209

Have any Question?


Related Questions in Business Management

Name a company that addressed a recent ethical problem in a

Name a company that addressed a recent ethical problem in a positive way. Also, explain how or if this positively affects us as a community?

When it is appropriate to use the trade-off process what

When it is appropriate to use the trade-off process. What conditions apply, and the technical evaluation criteria that might be used?

Need help with a essay with the following phrase for

Need help with a essay with the following phrase for analyzing : " Capitalism is at the heart of how people and organisations are managed in contemporary society" May i ask for a better explanation of the question? Also ...

How could these three tenets of the auburn creed be used to

How could these three tenets of the Auburn Creed be used to motivate others: "I believe that this is a practical word and that I can count only on what I earn. Therefore, I believe in work, hard work." "I believe in educ ...

How can these two tenets of the auburn creed by used in

How can these two tenets of the Auburn Creed by used in addressing teamwork issues: "I believe in honesty and truthfulness, without which I cannot win the respect and confidence of my fellow men." "I believe in the human ...

Discuss the advantages of having and interacting in a

Discuss the advantages of having and interacting in a diverse workplace. Consider the wide range of ideas and perspectives that a range of team members bring to a team, that are of differing ages, ethnic backgrounds and ...

Parmigiano-reggiano global recognition of geographical

Parmigiano-Reggiano: Global Recognition of Geographical Indications What historical factors have helped support the consortium's claims for the geographic specificity of Parmigiano-Reggiano and Parmesan? What are the eco ...

Communication planthis communication plan will be a roadmap

Communication Plan This communication plan will be a roadmap on how the new division will best be able to communicate with Biotech's corporate headquarters, suppliers, other divisions, and internally. This should lay out ...

Discuss strategies to obtain feedback from a customer and

Discuss strategies to obtain feedback from a customer and clients when working in sales.

Describe different networking methods and the advantages

Describe different networking methods and the advantages and disadvantages of them?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As