Explain briefly the steps involved in conducting a hypothesis test

What will be an ideal response?


Conducting a hypothesis test involves several steps:
1. Formulating the hypotheses to test.
2. Selecting a level of significance, which defines the risk of drawing an incorrect conclusion about the assumed hypothesis that is actually true.
3. Determining a decision rule on which to base a conclusion.
4. Collecting data and calculating a test statistic.
5. Applying the decision rule to the test statistic and drawing a conclusion.

Business

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Questions such as "What business are we in?" and "What customers should we serve?" are typically addressed in the ________ stage

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A report analyzing the potential market for a proposed product is an example of a feasibility report

Indicate whether the statement is true or false

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