Questions from Business Statistics

Q: a. What is a paired t-test? b

a. What is a paired t-test? b. Identify the two hypotheses involved in a paired t-test. c. What is the “pairing” requirement? Give a concrete example. d. How is a paired t-test similar to and differen...

Q: a. What is an unpaired t-test? b

a. What is an unpaired t-test? b. Identify the two hypotheses involved in an unpaired t-test. c. What is the “independence” requirement? Give a concrete example. d. How is an unpaired t-test similar t...

Q: a. Describe the general process of constructing confidence intervals and performing

a. Describe the general process of constructing confidence intervals and performing hypothesis tests using the rule of thumb when you have an estimator and its standard error. b. If you also know the...

Q: a. What is a hypothesis? In particular, is it

a. What is a hypothesis? In particular, is it a statement about the population or the sample? b. How is the role of the null hypothesis different from that of the research hypothesis? Which one usuall...

Q: a. Briefly describe the steps involved in performing a two-

a. Briefly describe the steps involved in performing a two-sided test concerning a population mean based on a confidence interval. b. Briefly describe the steps involved in performing a two-sided test...

Q: a. What is Student’s t-test? b.

a. What is Student’s t-test? b. Who was Student? What was his contribution?

Q: a. What is the reference value? Does it come from

a. What is the reference value? Does it come from the sample data? Is it known or unknown? b. What is the t-statistic? Does it depend on the reference value? c. Does the confidence interval change dep...

Q: a. What, in general, is a test statistic?

a. What, in general, is a test statistic? b. Which test statistic would you use for a two-sided t-test? c. What, in general, is a critical value? d. Which critical value would you use for a two-sided...

Q: a. What assumptions must be satisfied for a two-sided

a. What assumptions must be satisfied for a two-sided t-test to be valid? b. Consider each assumption in turn. What happens if the assumption is not satisfied? What, if anything, can be done to fix th...

Q: a. How much experience would you expect for a 50-

a. How much experience would you expect for a 50-year-old individual? b. Find the 95% confidence interval for the experience of a new individual (from the same population from which the data were draw...