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Category > Accounting Posted 12 Jul 2017 My Price 15.00

Accounting Question Just Answer #2,

I have the document attached. Please jusr answer #2

Deliverable 04 Worksheet

1.      <b> Discuss the process for hypothesis testing.

    • Discuss the steps of hypothesis testing (should be around 8 steps)
    • When performing the steps for hypothesis testing, which method do you prefer? The P-value method or the critical value method? Why?

Answer and Explanation:

Step 1: State the null hypothesis. H0 is a statement which negates what the researcher will try to prove with the:

Step 2: State the alternative hypothesis. HA is the test the researcher is performing the experiment to determine.

Step 3: State sample size. In this step, the researcher determines the sample size required for the experiment. This determines the scope of the information required and the type of test the researcher will use to analyze data.

Step 4: The test statistic. Test statistics often vary depending upon sample size, what the researcher is trying to determine, and how the researcher wishes to prove (or disprove) a hypothesis. The formal statement of a test statistic is as follows: “The test statistic is (), which has a () distribution (with () df)”.

Step 5: Determine the critical value. This value is the observed statistic that will be used to compare the calculated test statistic for significance.

Step 6: Calculate the test statistic from sample data. This step uses statistical analysis (ie, an ANOVA, or regression analysis, or a two-sample independent t-test, etc) to determine the calculated test statistic and its p-value.

Step 7: Compare the calculated test statistic to the observed test statistic. This is the step where the significance of the calculated test statistic is determined to be either significant (leading to the rejection of the null hypothesis) or insignificant (and the conclusion that we cannot reject the null hypothesis).

Step 8: Conclusion. In this step, we state the specific conclusion we arrive at and formally reject or accept the null hypothesis.

 

 

 

 

 

 

 

 

 

  1. <b> Perform the following hypothesis test:
    • Original claim: The average salary for all jobs in Minnesota is less than $65,000.
    • Test the claim using α = 0.05 and assume that your data is normally distributed and the population standard deviation (σ) is not known
    • In your description of the hypothesis test, answer the following:

1.       Write the null and alternative hypotheses symbolically and identify which hypothesis is the claim.

2.       Is the test two-tailed, left-tailed, or right-tailed? Explain.

3.       Which test statistic will you use for your hypothesis test: The Z-test or the t-test? Explain.

4.       What is the value of the test statistic?

5.       What is the critical value?

6.       What is your decision? Reject the null, or do not reject the null?

7.       State the final conclusion in non-technical terms

Please show your work for the construction of the test statistic and explain your process for finding the critical value.

Answer and Explanation:

 

 

We reject the null hypothesis. The test statistic of 2.684 falls outside the range of (-1.658, 1.658), so we may conclude that our data is statistically significant enough to reject the null hypothesis and assume that the average salary in Minnesota is less than $65,000.

 

  1. <b>   Calculate the P-value for this hypothesis test, and state the hypothesis conclusion based on the P-value.

Answer and Explanation:

  

The calculated p-value for this test was p = 0.0038. To find this p-score, I used a t-score table for a t-score of 2.684 with 363 degrees of freedom.

Based on the p-score, we reject the null hypothesis because p = 0.0038 < 0.05. Therefore, our result is statistically significant and we are certain that the true value of the mean for salaries in Minn. Falls below $65,000.

 

 

Answers

QuickHelper
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Status NEW Posted 12 Jul 2017 08:07 AM My Price 15.00

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