scm week 6 notes
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This 1 page Class Notes was uploaded by Evangelos Katradis on Tuesday March 22, 2016. The Class Notes belongs to MGMT 301 at Pennsylvania State University taught by Ronald Johnson in Winter2015. Since its upload, it has received 17 views.
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Date Created: 03/22/16
week 6 notes scm Steps in Testing Hypotheses 1) formulate a null and alternative hypothesis 2) specify a level of significance (alpha) 3) Specify the appropriate Test Statistic 4) take random sample and calculate the value of the Test Statistic 5) compute the pvalue and compare it with alpha 6) draw conclusion: accept or reject Ho Pvalue • it is a probability. it is like a weight of evidence with regard to the null hypothesis • it is computed from the sample data • probability of obtaining the observed value or values more extreme than the observed value • large pvalue supports the null • small pvalue support the alternative Pvalue decision rule: reject Ho if the pvalue is less than or equal to the level of significance pvalue < alpha Reject pvalue > alpha Accept