QMB 3200 Exam 2 UCF 2024 Questions & Answers 100% Correct!

One-tailed tests - ANSWERSA hypothesis test in which rejection of the null hypothesis occurs for values of the test statistic in one tail of its sampling distribution. null hypothesis - ANSWERSThe hypothesis tentatively assumed true in the hypothesis testing procedure. alternative hypothesis - ANSWERSThe hypothesis concluded to be true if the null hypothesis is rejected. Type II error - ANSWERSThe error of accepting H0 when it is false. Type I error - ANSWERSThe error of rejecting H0 when it is true. The probability of making a Type I error when the null hypothesis is true as an equality. - ANSWERSlevel of significance test statistic - ANSWERSA statistic whose value helps determine whether a null hypothesis should be rejected. p-value - ANSWERSA probability that provides a measure of the evidence against the null hypothesis provided by the sample. critical value - ANSWERSA value that is compared with the test statistic to determine whether H0 should be rejected. two-tailed test - ANSWERSA hypothesis test in which rejection of the null hypothesis occurs for values of the test statistic in either tail of its sampling distribution. Practical significance - ANSWERSThe usefulness or meaningfulness to a decision maker of the difference between a point estimate and the hypothesized value of a parameter. Minimum significant difference - ANSWERSThe smallest difference between a point estimate and a hypothesized value of a parameter that will result in rejection a null hypothesis for a given level of significance α. independent random samples - ANSWERSSamples selected from two populations in such a way that the elements making up one sample are chosen independently of the