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7/19/2016 Assessment 3 - MBAFP6018 Spring 2016 Section 01 ASSESSMENT 3 Hypothesis Testing 1 Details Attempt 1 Available Attempt 2 Attempt 3 Overview...

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7/19/2016 Assessment 3 – MBA­FP6018 ­ Spring 2016 ­ Section 01 1/4 ASSESSMENT 3 Hypothesis Testing 1 Overview Solve four equations based on a scenario related to hypothesis testing. Demonstrate your method, report your findings, and write a brief paragraph that details your recommendations for action. Note: The assessments in this course build upon each other, so you are strongly encouraged to complete them in sequence. Managers can use sampling techniques to make managerial decisions and draw conclusions. The statistical technique that we will use to evaluate the samples is hypothesis testing; mathematically speaking, we will use statistical techniques to evaluate the likelihood of an assertion. By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria: Competency 1: Evaluate the quality and fit of data for use in business analysis. Determine the null hypothesis and alternative hypothesis for making decisions regarding household income. Competency 3: Analyze business decision opportunities using basic inferential statistics. Compute the appropriate statistical test to determine acceptance or rejection of a null hypothesis. Compute the p­value to indicate acceptance or rejection of a null hypothesis regarding average household income. Competency 5: Apply data analysis to general business management planning and decision making. Compile findings into a management report with details for recommended actions. Competency 6: Communicate in a manner that is professional and consistent with expectations for members of the business professions. Communicate in a manner that is professional and consistent with expectations for members of the business professions. Competency Map Check Your Progress Use this online tool to track your performance and progress through your course. Context Managers use hypothesis testing and statistical techniques to evaluate the likelihood of an assertion. Hypothesis testing is at the core of inferential statistics. It is the foundation of the inferential statistics used to help managers make better decisions. A typical managerial decision using hypothesis testing would be to compare samples of purchased products to ensure they conform to firm quality standards. In fact, sampling itself is a particularly useful data analysis technique. Malls and stores often sample prospective customers. So do retail fast food franchises—take a look at the bottom of your receipts the next time you purchase something. Details Attempt 1 Available Attempt 2 Attempt 3
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7/19/2016 Assessment 3 – MBA­FP6018 ­ Spring 2016 ­ Section 01 2/4 Questions to Consider To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community. Why is it important that a sample be random? For its validity, all hypothesis testing depends heavily on the assumption that the sample that is used was drawn using probability sampling techniques. Why is this important? What can you do if you cannot use a probability sampling technique? (For example, suppose there is no good sampling frame available for the population of interest.) Resources Required Resources The following resources are required to complete the assessment. Capella Resources Click the link provided to view the following resource: Hypothesis Tester – Single Sample . Suggested Resources The following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom. Capella Resources Capella University partners with Sophia Learning to provide tutorials and other learning resources online. For this assessment, you are encouraged to study the following Sophia tutorials: Fitz (Producer). (n.d.). T­statistic [Video] | Transcript . Retrieved from­statistic/t­ statistic­­4­tutorial Daunis, M. (Producer). (n.d.). Hypothesis test – Mean [Video] | Transcript . Retrieved from­test­mean­tutorial Capella Multimedia Click the link provided below to view the following multimedia piece: Hypothesis Tester | Transcript . Course Library Guide A Capella University library guide has been created specifically for your use in this course. You are encouraged to refer to the resources in the MBA­FP6018 – Data Analysis for Business Decisions Library Guide to help direct your research. Internet Resources Access the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication. (Producer). (n.d.). Independent and dependent samples [Video] | Transcript . Retrieved from (Producer). (n.d.). Null and alternative hypotheses [Video] | Transcript . Retrieved from (Producer). (n.d.). One sample z­test [Video] | Transcript . Retrieved from
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In this scenario we want to test whether the average Playbill reader's household income is
increased from the earlier $119,155 or not. So the null hypothesis is that the mean did not
increase from...

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