Week 1
If a z-score is equal to zero, what is the x-value equal to?
The x-value must be equal to the mean of the distribution.
What is another word for Alpha?
The level of significance.
How many options are there for a claim of a single population parameter?
6 options.
The smaller the P-Value, the _______ statistical evidence to support the alternative hypothesis, leading us to ______ Null.
more; reject
When sampling and the standard deviation is not known, what is used to estimate it?
The standard deviation of the data from the sample.
What is the Margin of Error?
The sample statistic of the interval estimate.
The null hypothesis is always assumed to be _____. The alternative hypothesis assumes the null hypothesis is ______.
true; false
What is BETA Risk?
It's the probability of Type II error; incorrectly accepting a false null hypothesis.
According to the Empirical Rule, 85% of the area under the normal curve is within two standard deviations of the mean. What percent of the area under the normal curve is more than two standard deviations from the mean?
15%
What excel function is needed to compute t-critical values for a two-tailed test?
=T.INV.2T
What is the P-Value?
The probability that your null hypothesis is actually correct.
What is the formula for a two-tailed positive critical value in a Z-Test?
=NORM.S.INV(1-(LOS/2))