As a businessperson, it is hard to share

ecincoz48

ecincoz48

Answered question

2022-03-15

As a businessperson, it is hard to share your results if your hypothesis testing does not reach a certain significance level. Make an argument why it is both good and bad to have to include this as part of your research results. Besides hypothesis testing, are there alternative ways to validate the research findings in a business environment?

Answer & Explanation

ieuemd0l

ieuemd0l

Beginner2022-03-16Added 9 answers

It is both good and bad to have to include results if a businessman's hypothesis testing does not reach a certain significance level. Both the consequences has been explained below -
Good impact -
-These tests determine whether the sample evidence is strong enough to suggest that an effect exists in an entire population.
-It allows us to draw conclusions about an entire population based on a representative sample.
-These data support the theory that an effect exists at the population level.
-The results were statistically significant in that the similar measurements of intelligence between races are not merely sample error.
Bad impact -
-Too many mistakes are made in the misplaced emphasis on significance tests.
-Just because a bad trading strategy typically produces an unprofitable backtest, it in no way guarantees that a trading strategy isn't bad when it generates a profitable backtest.
-These hypothesis are sometimes bounds to have an error reflecting the hypothesis does not reach a certain significance level.
Besides hypothesis testing following are the alternative ways to validate the research findings in a business environment -
Z- test - A z-test is a statistical test used to determine whether two population means are different when the variances are known and the sample size is large.
z=xμσn
x=sample mean,
u=population mean,
σn = population standard deviation.
-T- test - In t-test the mean of the two given samples are compared. A t-test is used when the population parameters (mean and standard deviation) are not known.
-Chi square test - chi-square test is used to compare two categorical variables. Calculating the Chi-Square statistic value and comparing it against a critical value from the Chi-Square distribution allows to assess whether the observed frequency are significantly different from the expected frequency.
x2=(oe)2e
o =observed,
e=expected.

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