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A confidence interval for the population mean tells us which values of mean are plausible (those inside the interval) and which values are not plausible (those outside the interval) at the chosen level of confidence. You can use this idea to carry out a test of any null hypothesis. Ho:mean =Mo starting with a confidence interval: reject Ho if Mo (mean) is outside the interval and fail to reject if Mo is inside the interval.
The alternative hypothesis is always two-sided, Ha: m doesn't = Mo, because the confidence interval extends in both directions from x (bar over x). A 95% confidence interval leads to a test at the 5% significance level because the interval is wrong 5% of the time. In general, confidence level C leads to a test at significance level a = 1-C.
A 95% confidence interval for a population mean is 31.5 + (bar underneath +) 3.4. Use the method described above to answer these questions.
a) With a two-sided alternative, can you reject the null hypothesis that mean = 34 at the 5% (a = 0.05) significance level? Why?
b) With a two-sided alternative, can you reject the null hypothesis that mean = 35 at the 5% significance level? Why?
The length of time for one individual to be served at a cafeteria is a random variable having a lognormal distribution with a mean of 10 minutes and standard deviation of 2 minutes.
Using the business problem selected ( business, economic or marketing)develop a problem statement which can be addressed with survey research. Prepare a 10-13-question survey to collect primary data regarding your selected problem statement.
An analyst thinks that the economic conditions during the next year will either be Strong, Normal or Weak and she thinks that the Simpson Company's returns will have the following probability distribution.
Is there evidence to suggest that the process average differs from the target value?
If the true mean for Saturday sales is now $4500, what is the probability of accepting the (false) null hypothesis in (a) above (the probability of not sharing the manager's concern because of lack of evidence)?
At 0.05 level of significance, is there evidence of significant relationship between age group and where people mainly get their news? If so, describe the relationship.
What is the probability that Sara will die in her 60 th year? Using this probability and the $50,000 death benefit, what is the expected loss to Big Rock Insurance?
What measure of central tendency is most sensitive to skewness and which is least sensitive? What are measures of central tendency used for? What are measures of dispersion used for?
Assume that 13 % of the population of the U.S. is left-handed. If a random sample of 180 people from the U.S. is chosen, approximate the probability that fewer than 26 are left-handed.
Twelve doctor's offices were given 3 lab inspections with the following results:
Determine the mean and standard deviation of this distribution?
Addition Thermo on Probability - If a man is randomly selected for an interview, what is the chance he will Play football or basketball?
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