Statistical Techniques in Business Free Essay Example, 2000 words

The alternate hypothesis is that there is difference in the population mean number of times men and women buy take-out dinner in a month. We can express the null and alternate hypotheses as follows: Significance Level: The significance level is 1% or Decision rule: We will reject the null hypothesis if the z-test statistic is lesser than -2.576 or greater than 2.576 since it is a two tailed test. Test Statistic: Conclusion: Since the z-test statistic 1.87 does not fall in the rejection region therefore we will not reject the null hypothesis. At the 1% significance level, we have sufficient evidence to conclude there is no difference in the population mean number of times men and women buy take-out dinner in a month. P-Value: The minimum significance level (p-value) at which the null hypothesis could have been rejected is (0.5-0.4693) x 2 = 6.14% 46) Grand Strand Family Medical Center is specifically set up to treat minor medical emergencies for visitors to the Myrtle Beach area. There are two facilities, one in the Little River Area and the other in Murrells Inlet. The Quality Assurance Department wishes to compare the mean waiting time for patients at the two locations. We will write a custom essay sample on Statistical Techniques in Business or any topic specifically for you Only $17.96 $11.86/pageorder now Samples of the waiting times, reported in minutes, follow: Location Waiting Time Little River 31.73 28.77 29.53 22.08 29.47 18.60 32.94 25.18 29.82 26.49 Murrells Inlet 22.93 23.92 26.92 27.20 26.44 25.62 30.61 29.44 23.09 23.10 26.69 22.31 Assume the population standard deviations are not the same. At the. 05 significance level, is there a difference in the mean waiting time? Ans) Hypothesis Formulation: The null hypothesis is that there is no difference in the population mean waiting times in Little River & Murrells Inlet. The alternate hypothesis is that there is difference in the population mean waiting times in Little River & Murrells Inlet. We can express the null and alternate hypotheses as follows: Significance Level: The significance level is 5% or Decision rule: The t-test statistic with df = 14 is We will reject the null hypothesis if it is is lesser than -2.145 or greater than 2.145 since it is a two tailed test. Test Statistic: Conclusion: Since the t-test statistic 1.11 does not fall in the rejection region therefore we will not reject the null hypothesis. At 5% significance level, we have sufficient evidence to conclude there is no difference in the population mean waiting times of Little River & Murrells Inlet P-Value: The minimum significance level (p-value) at which the null hypothesis could have been rejected is less than 10%.