Knowing when and how to choose the right statistical hypothesis test is no mean feat. It can takes years of learning and practice before you get comfortable with it.
Fortunately, there are ways to shortcut this by having a process, a strategy and a nice, big diagram!
Here I'm going to give you all three!
Added by Lee Baker on July 23, 2019 at 3:30am — No Comments
P – Value
In this blog we will discuss the important functionality of p – value in statistical experiments. Why p – value is the deciding factor for accepting or rejecting a hypothesis we develop before any experiment.
You have launched a product (e.g. a phone) in the market. And you get customer feedback that the phone has over heating problem. As the phone is already launched in the market…Continue
Since I am sometimes asked to explain phenomena in the absence of data, it becomes necessary to determine what data is required to explain phenomena. Some would say the best approach is to develop and test a hypothesis - to start filling a void of space with pinholes of light - until there are enough lit pinholes to provide a working theory. This is not to say that a few additional…Continue
Added by Don Philip Faithful on January 20, 2018 at 6:00am — No Comments
Essentially good hypotheses lead decision-makers like you to new and better ways to achieve your business goals. When you need to make decisions such as how much you should spend on advertising or what effect a price increase will have your customer base,…Continue
The diagram above was produced by my father in an effort to predict lotto numbers. Usually in a given year, I read at least a few blogs on using data science to help improve a person’s odds gambling. Gambling might include casino games, lottery tickets, and perhaps even stocks. On the other hand - and I admit that I might be an oddball in this area - I…Continue