eek 5 – In Summary
Posted on: Saturday, February 10, 2018 12:00:00 AM EST
Week 5 – In Summary
Class, you did very well on the discussion exercise this week! You can now recognize the risks of being wrong with statistics. Sometimes we think comparative groups are different when they really arenâ€t (Type I error) or we fail to detect a difference that really exists (Type II error). Sample size can be a solution to both situations.
Also, you should now understand the following terms: null hypothesis, alternative hypothesis, level of significance (also called “alphaâ€, p-value, and probability of a Type I error), one-tailed tests, two-tailed tests, z-test, t-test, chi-squared test, test for proportions, power, and sample size.
I hope youâ€ve had a chance to download Minitab and see how easily the software handles hypothesis tests. Try the “assistant†function. It generates powerful reports to use in business presentations.
Using hypothesis tests in a business setting can transform the business from one that makes decisions (such as investments, new products, expansions, etc.) using opinion and politics versus data. Guess which businesses are more successful?
Check out this great Harvard Business Review article on the subject, “Big Data the Management Revolution†(HBR, 2012). You will now be able to perform as a partner to these successful businesses.
References
McAfee, A., & Brynjolfsson, E. (2012, October). Big Data the Management Revolution. Harvard Business Review. Retrieved from https://hbr.org/2012/10/big-data-the-management-revolution/ar
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