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Refer to given Exercise. For each situation, define a type I and a type II error in the appropriate context. Consider the costs of such errors and discuss the implications.
Exercise State the null and alternative hypotheses in the following situations by defining the parameters used. Also, state any assumptions that you need to make to conduct the test:
(a) The Postal Service wishes to prove that the mean delivery time for packages is less than 5 days.
(b) A financial institution believes that it has an average loan processing time of less than 10 days.
(c) A marketing firm believes that the average contract for a customer exceeds $50,000.
(d) A Web-order company wishes to test if it has improved its efficiency of operations by reducing its average response time.
(e) A manufacturer of consumer durables believes that over 70% of its customers are satisfied with the product.
Verified Expert
Writes null and alternate hypothesis for a range of real life situations that require hypothesis testing. It also explains Type I and Type II errors in each case.
When talkin about the efforts your expert gave in the assignment - every bit is 100% current ....Null hypothesis is the hypothesis that we want to prove .....For instance, take b ) - Now The financial institution wants to prove that the loan processing time is less than 5 days...So Null Hypothesis : Loan processing time is less than 5 days; Alternate Hypothesis : Loan processing time is greater than 5 days...........So if the financial institution wants to prove that Loan processing time is less than 5 days then Null hypothesis being less than 5 days is a more perfect answer than what the client is saying.....The confusion in my mind is probably because of the term “Null” in “Null Hypothesis “ ....i think Null means 0 or something.....Null In Null Hypothesis implies that hypothesis which has 0 difference from what is to be claimed or tested.......So null hypothesis of processing time less than 5 days has 0 difference from what the financial institution wants to test .
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