Business Decision-Making
Hypothesis testing in statistics refers to the process by which a testable belief or opinion is tested by statistically analyzing data collected from an observational study or controlled experiments. Hypothesis testing is used to verify beliefs about an attribute or some measure of a population based on analyzing data from a sample drawn from the population. Hypothesis testing is quicker and saves time needed to collect data and make business decisions. Secondly, hypothesis testing is a cheaper means of verifying certain opinions about a population since it involves collecting information from only a small proportion of the population. Lastly, in tests that are destructive, hypothesis ...