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Business Statistics, 3rd Edition
book

Business Statistics, 3rd Edition

by Naval Bajpai
April 2024
Intermediate to advanced content levelIntermediate to advanced
921 pages
37h 16m
English
Pearson India
Content preview from Business Statistics, 3rd Edition
Chapter 10
PB
Statistical Inference: Hypothesis Testing for Single Populations
355
Step 2: Determine the appropriate statistical test
Sample size is less than 30. Hence, the t-statistic is given as:
t
x
s
n
=
μ
Step 3: Set the level of signi cance
The level of signi cance, that is,
α
is set as 0.05.
Step 4: Set the decision rule
For degrees of freedom 24 and for a two-tailed test, the tabular value of t is t
0.025, 24
= 2.064. So,
if the computed t value is outside the ±2.064 range, the null hypothesis is rejected. Otherwise, it
is accepted.
Step 5: Collect the sample data
Sample information is computed as below:
Sample standard deviation s = 7.0797
Sample ...
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Publisher Resources

ISBN: 9789390168996