Wk4 dq – advanced statistical concepts and business analytics

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Question:

Please answer each of the following questions in detail and provide examples for better clarity wherever applicable. Provide in-text citations.

  1. Please define each of the following terms and provide a hypothetical example for each: hypothesis testing, null and alternative hypothesis, non-directional and directional hypothesis, type I error in testing hypothesis, type II error in testing hypothesis, probability of type I error (ɑ), probability of type II error (ß), power of the test and its significance, the critical value(s) in a test, p value (significance level).
  2. What are the possible outcomes in testing a hypothesis? What are the determinant factors in deciding the critical value(s) in testing a hypothesis?
  3. When the z-statistic is appropriate to be used in testing a hypothesis? When the t-statistic is appropriate to be used in testing a hypothesis? What is the criterion for rejecting the null hypothesis for both non-directional and directional tests? How do you find the p-value in each case?

Note:

1. Need to have at least 1 peer-reviewed article as the reference and textbook as the reference

2. Need in-text citation

3. Please find the attachments as the power points of the course for reference.

4. Textbook Information:

Bowerman, B., Drougas, A. M., Duckworth, A. G., Hummel, R. M. Moniger, K. B., & Schur, P. J.  (2019). Business statistics and analytics in practice (9th ed.). McGraw-Hill

ISBN 9781260187496

5. Please find the Course Learning Outcome list of this course in the attachment

6. Need to explain in detail and provide examples