One Sample Hypothesis Testing

# One Sample Hypothesis Testing - One sample 1 One Sample...

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One sample 1 One Sample Hypothesis Testing Team A: Misti, Mike, Glenn, Justin RES/342 C. Mark Talbot University of Phoenix – North Florida Thursday, August 12, 2010

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One sample 2 One Sample Hypothesis Testing In gaining a better understanding of the various business needs, statistical analysis has proven to be a vital and important tool. Processing information collected, and interpreting it to be use as reliable data to help in the decision making process, is crucial to identify a justifiable systematic approached. Testing the population as a whole is the definite approach in coming up with a reliable result; however, dealing with a large amount could prove to be inconvenient and expensive. Random sampling is often sufficient in conducting statistical analysis. Nevertheless, inputs should be examined carefully to determine a correct output. Depending on the criteria, the overall result of the test does not necessarily prove or disprove the hypothesis. The answer will depend on the criteria that are being looked at. In this paper, Team A will use the Real Estate Data Sheet to find the best value on a home closest to the city center (Lind, Marchal, & Wathen, 2008). This paper will start by formulating a verbal and numerical hypothesis statement as reflected in the research of finding the best value on a home closest to the city. There are 105 homes on the Real Estate Data Sheet. Team A used a sample of 59 homes within a 15-mile radius for this analysis. To test a hypothesis, a five-step process should be followed (Doane & Seward, 2007). The steps are as follows: 1. State null hypothesis 2. Select alpha value 3. Identify test statistic 4. Formulate critical value 5. Formulate calculated value & compare with p-value
One sample 3 The first step is to state the null and the alternative hypothesis in symbols and words. The verbal hypothesis statement is; the average price of homes from the Real Estate Data Sheet less

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## This note was uploaded on 03/15/2011 for the course RES 342 taught by Professor Carey during the Spring '08 term at University of Phoenix.

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One Sample Hypothesis Testing - One sample 1 One Sample...

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