Can the formal hypothesis testing approach be used for nonparametric tests? How are parametric and nonparametric statistics different? How are parametric and nonparametric statistics similar?
Under what circumstances should a nonparametric test be used? Explain. What are the strengths and weaknesses of nonparametric tests? Can the outcomes of nonparametric tests be generalized to populations?
Why do you use the chi-square statistic? What type of data is used with chi square analysis? What are the nonparametric tests that correspond to each type of parametric test?
What are some business situation in which ANOVA would be more appropriate than a (Z) or (t) test?
What are business problems in which the application of Chi ? Square statistic is appropriate?
How can bias affect business decision? Provide an example.