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BUS 503
Posts related to my Excelsior BUS 503 Quantitative Methods course.
No Standard Deviation? How do I get the standardized test statistic?
I get this question a lot in my BUS 233 Business Statistics course. It comes when students see a problem similar to the following in their homework or on a quiz: In a sample of 1000 home buyers, you find that 457 home buyers found their real estate agent through a friend. At α=0.08, can …
No Standard Deviation? How do I get the standardized test statistic? Read More »
Single Sample, Sigma Known Hypothesis Test for a Mean
We are starting true tests of hypotheses and it is critical to get off on the right foot. I will add some useful info here shortly, but first I am sharing a question on a homework problem that is a good example of what you will see in the second half of the course. …
Single Sample, Sigma Known Hypothesis Test for a Mean Read More »
Understanding the t-statistic
Understanding the Student’s t distribution
Setting up Hypothesis Tests
The Null and Alternative The most common problem I noticed on this assignment was caused by failing to properly identify the appropriate null and alternative hypotheses. In part, this is due to the Evans text’s somewhat confusing explanation of how to do this – the “burden of proof” approach. There is a much simpler approach …