Discussion Question 4 BUS 606

Please answer each of the following questions in detail and provide examples for better clarity wherever applicable. Provide in-text citations.
1. Please define each of the following terms and provide a hypothetical example for each: hypothesis testing, null and alternative hypothesis, non-directional and directional hypothesis, type I error in testing hypothesis, type II error in testing hypothesis, probability of type I error (ɑ), probability of type II error (ß), power of the test and its significance, the critical value(s) in a test, p value (significance level).
2. What are the possible outcomes in testing a hypothesis? What are the determinant factors in deciding the critical value(s) in testing a hypothesis?
3. When the z-statistic is appropriate to be used in testing a hypothesis? When the t-statistic is appropriate to be used in testing a hypothesis? What is the criterion for rejecting the null hypothesis for both non-directional and directional tests? How do you find the p-value in each case?

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