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Interpret the statistical results in managerial terms

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Reference no: EM132846664

Select any statistical problem that involves hypothesis testing and use the 7 steps to solve the problem. Show the step by step solution that reflect the below steps.

1. State the null and alternative hypotheses

2. Specify the significance level α

3. Select the test statistic

4. Determine the critical value rule for deciding whether or not to reject H0

5. Collect the sample data and calculate the value of the test statistic

6. Decide whether to reject H0 by using the test statistic and the rejection rule

7. Interpret the statistical results in managerial terms and assess their practical importance

Reference no: EM132846664

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