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Business Stats ch 10

Basic Statistics for Business and Economics ch 10

QuestionAnswer
Hypothesis A statement about a population parameter subject to verification.
Hypothesis Testing A procedure based on sample evidence and probability theory to determine whether the hypothesis is a reasonable statement.
What are the five steps for testing a hypothesis test? State the null and the alternate hypothesis. Select a level of significance. Identify the test statistic. Formulate a decision rule. Take a sample, arrive at decision.
Null Hypothesis (H sub zero) A statement about the value of a population parameter developed for the purpose of testing numerical evidence.
Alternate Hypothesis (H sub one) A statement that is accepted if the sample data provided sufficient evidence that the null hypothesis is false.
Level of Significance The probability of rejecting the null hypothesis when it is true.
Type I Error (alpha) Rejecting the null hypothesis when it is true.
Type II Error (beta) Accepting the null hypothesis when it is false.
Test Statistic A value determined from sample information, used to determine
Critical Value The dividing point between the region where the null hypothesis is rejected and the region where it is not rejected.
A test is one-tailed when: The alternate hypothesis states a direction.(ex. mu < or mu >)
A test is two-tailed when: No direction is specified in the alternate hypothesis. (ex. mu is not equal to)
p-Value The probability of observing a sample value as extreme as or more extreme than, the observed, given that the null hypothesis is true.
Created by: dengler
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