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Meaning of Hypothesis
A Hypothesis is the statement or an assumption about relationships between variables. or
A Hypothesis is a tentative explanation for certain behaviors, phenomenon or events that have occurred or will occur
Interesting Hypothesis
Bankers assumed high-income earners are more profitable than low-income earners. Old clients were more likely to diminish CD balances by large amounts compared to younger clients. This was nonintrusive because conventional wisdom suggested that older clients have a larger portfolio of assets and seek less risky investments
Steps in Hypothesis-testing
To test a hypothesis means to state (on the basis of data the researcher has collected) whether or not the hypothesis seems valid In hypothesis testing the main question is whether to accept the null hypothesis or not to accept the null hypothesis? Steps for hypothesis testing refer to all the steps we take for making a choice between rejection and acceptance of the null hypothesis
Steps in Hypothesis-testing
1. 2. 3. 4. 5. 6. Making a formal statement Selecting a significance level Deciding the distribution to use Selecting a random sample Calculation of the probability Comparing the probability