Judgment & Decision Making
Share with your peers the null and alternative hypotheses for a decision that is relevant to your life. This can be a personal item or something at work. Define the population parameter, the appropriate test statistic formula, and if the hypothesis test is left-tailed, right-tailed, or two-tailed. Be sure to set up your hypotheses, too. How did you decide on constructing these hypotheses? What level of significance would you use? Why?
The population parameters that you should use for this discussion are:
μ: the population mean
or
p: the population proportion
Be sure to include numerical values for your variables. Additionally, identify the Type I and Type II Errors that could occur with your decision‐making process.
