Reference no: EM133238185

Question - Hypothesis Testing Discussion

Q1. What is the procedure involved in performing hypothesis tests?

Q2. How does the concept of model building relate to the use of regression analysis?

Q3. Discuss the business uses of time series  forecasting.

Q4. Discuss the two different uses of Chi-Square analysis.

Testing Hyporthesis (student: sylvia) Hypothesis testing is a scientific process of testing whether or not the hypothesis is plausible (Moran, 2021). First, you must clearly state the null and alternative hypothesis. The testing of the null and alternative hypothesis can be tested using a one or two tailed test. Next, the test size must be determined using one of the above tests. Following this, you will compute the statistic and probability value. Decide whether you are going to accept or reject to null hypothesis, and then present your findings.

Model Building (student: Ryan) The concept of model building relates to the use of regression analysis because the concept of model building uses regression analysis to build models.  The models are built through the assumption or prediction of a variable.  A regression analysis is used to find the similarities between the dependent and independent variables as well. It is important to point out that in building models that it is important to use qualitative and quantitative variables.  Today, this can be used to predict many things and in my industry it is used to determine revenue and budget predictions. As you can see the concept of model building is related to regression analysis as they are both needed to build models.