Essential Financial Terms and Formulas
Business Structures
Sole Proprietorship
A business owned by a single individual.
Partnership
An association of two or more individuals joining together as co-owners to operate a business for profit.
General Partnership
A partnership in which all partners are fully liable for the indebtedness incurred by the partnership.
Limited Partnership
A partnership in which one or more of the partners have limited liability, restricted to the amount of capital he or she invested in the partnership.
Corporation
An entity
Read MoreQMS 202 Test 2: Hypothesis Testing and Statistical Analysis
QMS 202 Test 2: Statistical Analysis Crib Sheet
By: Eron Gjongecaj, Student nr: 50053246
Chapter 12: Comparing Means and Proportions
Topics: Comparing means of two related populations, comparing the proportions of two independent populations.
Comparing Means Between Two Related Populations: Paired T-Test
Paired t-test for the mean difference: Population needs to be normally distributed. If not, we can still use the paired t-test if the sample size is not very small.
- State the null and alternative hypotheses.
Hypothesis Testing: Concepts, Steps, and Result Interpretation
Hypothesis Testing: Concepts, Steps, and Interpretation
Background:
- A statistical hypothesis is an assumption about a population parameter. This assumption may or may not be true.
- The best way to determine whether a statistical hypothesis is true would be to examine the entire population.
Since that is often impractical, researchers typically examine a random sample from the population.
If sample data are not consistent with the statistical hypothesis, the hypothesis is rejected.
The question of interest