Why are confidence interval estimations important

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Reference no: EM131371275

1. What types of misconceptions and errors do you foresee occurring in a business setting if the normal distribution assumptions are not applied correctly? Please include a real-world business example in your response.

2. Why is random sampling important to being able to generalize statistical findings for a population? How can random sampling of a convenience sample be used as ethically as possible to generalize statistical findings for a population?

3. Why are confidence interval estimations important to clearly reporting data analysis results? Please include a real-world business example in your response.

4. Often firms will make use of hypothesis testing to determine patterns in order to make informed business decisions. What are the advantages of hypothesis testing in the making of informed business decisions? Are there questions that cannot be answered through the use of hypothesis testing? Provide several real-world examples.

5. Provide an example of research that could be conducted at your place of employment that would be analyzed using a t-test or ANOVA. If no opportunities exist, find a peer-reviewed journal article where the author uses a t-test or ANOVA to analyze a business problem. What about either of these scenarios would make the choice of test appropriate?

Group Project - Applying the 5-Step Hypothesis Testing Model

Project Description

For this project, you will work in small groups to create a research scenario that employs the five-step hypothesis testing model. If the class has an even number of students, groups will be 2 students. If the class has an odd number of students, groups may be 2 or 3 students. In either case, all students must be in a group, no individual projects will be accepted.

Choose a research setting or scenario that will be conducive to collecting basic statistical data. This could be your respective work places, or a mutually agreed upon setting. Decide what type of data will be collected and create an instrument to collect the data.

Apply the 5-step process as noted above. Be sure each of the steps is accompanied by an explanation as to how and why decisions were made regarding that step. For example, if you choose .05 as your level of significance, explain how that decision impacts your study and why (based on scholarly research) it was selected.

Weekly Instructions

Week 2 The group project assignment for this week is to select your partner(s) for the project and complete the Group Project Charter. Submit a copy of the template with all required information to the group assignment tab.

Week 3 During Week 3 of the group project, you will decide on your research scenario, what data to be collected, and a data collection tool. The research scenario should be one or more sites where data can be collected easily and with the least amount of disruption to the organization. The type of data to be collected should include scale variables (numbers) rather than just nominal data (yes/no, male/female). The data collection tool should be simple, but detailed enough to obtain statistical information that will be useful in your calculations.

Execute Steps 1-4 of Hypothesis Testing Model.

Week 5 In Week 5, you will present the results of your research in a document not to exceed 3 pages (Step 5 of the Hypothesis Testing Model). Include setting/scenario for the data collection, the data collection tool, and the 5-step hypothesis testing results. This paper should be accompanied by a creative presentation as well (PowerPoint, video, etc.) that describes the research scenario and results.

You will submit an initial draft of your project to a peer review board by Wednesday then incorporate any suggestions to improve your final product for submission on Sunday.

Other details
- All writing should conform to APA standards.
- Scholarly research should be cited and referenced correctly in support of the research conducted.
- Paper should be in Times Roman or Arial, 12-point font, double-spaced.
- A cover page and Reference list should be included, but these will not be included in the page count.

Verified Expert

This task provides a clear description on sampling methods, hypothesis testing procedures, normality assumptions and differences between t test and one way ANOVA, Real world examples was also used to explain the concepts in a clear way.

Reference no: EM131371275

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