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dheban / Analytic-Enthusiast

Repository for my Analytical work
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Statistical Methods for Decision Making #1

Open dheban opened 6 years ago

dheban commented 6 years ago

SMDM_GA (1).pdf Refer the attached word doc to answer the following questions:

Describe the five per cent significance test you would apply to these data to determine whether new scheme has significantly raised outputs? What conclusion does the test lead to?

Suppose it has been calculated that in order for Titan to break even, the average output must increase by £5000. If this figure is alternative hypothesis, what is: a. The probability of a type 1 error? b. The probability of a type 2 error? 

  c.The power of the test?
dheban commented 6 years ago

I have got the attached solution. Please let me know if anyone has a better approach. SMDM_GA_Solution.docx