Business owners like to know how their decisions will affect their business. Before making decisions, owners may explore the benefits of hypothesis testing. By making such tests, they can have more confidence in their decisions.
One example is Joe Smith who is testing to see whether the company's gym shoe will have a significant difference on weight loss. If the company markets this shoe and finds that it does not cause weight loss as expected, they may want to consider their marketing strategy or dropping the campaign all together. What is a scenario of how hypothesis testing can be used in the business world? Looking back on your scenario, what decisions can managers make to help improve their company. When it comes to relating sample results to the population, can we make our decisions using the sample value?
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