The purpose of this assignment is to develop students’ abilities to combine the knowledge of descriptive statistics covered in Weeks 1 and 2 and one-sample hypothesis testing to make managerial decisions. In this assignment, students will learn how statistical analysis is used in predicting an election winner in the first case. In the second case, students will conduct a hypothesis test to decide whether or not a shipping plan will be profitable.
Resources: Microsoft ExcelÂ®, Case Study Scenarios, SpeedX Payment Times (Please create a text box for each within Microsoft Excel to complete this objective)
Develop a summary on the statistical analysis based on the Case Study Scenarios and SpeedX Payment Times in the text boxes.
Include answers to the following:
Case 1: Election Results
- Use 0.10 as the significance level (Î±).
- Conduct a one-sample hypothesis test to determine if the networks should announce at 8:01 P.M. the Republican candidate George W. Bush will win the state.
Case 2: SpeedX
- Use 0.10 and the significance level (Î±).
- Conduct a one-sample hypothesis test and determine if you can convince the CFO to conclude the plan will be profitable.