Consider a trial in which a jury must decide between the hypothesis that the defendant is guilty and the hypothesis that he or she is innocent. (a) In the framework of hypothesis testing and the U.S. legal system, which of the hypotheses should be the null hypothesis? (b) What do you think would be an appropriate significance level in this situation?
Statistics for Business and Economics The Science of Statistics Collecting, classifying, summarizing, organizing, analyzing and interpreting numerical and categorical information. Sampling: A process of selecting data from larger sets of data whose characteristics we wish to estimate. Statistics: -Describing sets of data -Drawing conclusions about sets of data on sampling basis Descriptive Statistics: uses numerical and graphical methods to explore data (i.e. patterns, create a more convenient way to present info) Inferential Statistics: uses sample data for estimates, generalizations etc. The main difference between these two is that DS is to present patterns of a data set conveniently; no analysis. IS is to present analysis results using probability t
