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STA101 - Statistics for Business

Added on - 15 Apr 2020

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Running head: BUSINESS STATISTICSBusiness statisticsName of the studentName of the universityAuthor’s note
1BUSINESS STATISTICSTable of ContentsQ1....................................................................................................................................................2Q2....................................................................................................................................................3Q3....................................................................................................................................................5
2BUSINESS STATISTICSQ1.The company Wheels That Fly! Co. manufactures ‘The Higher Tyre.’ The organizationbelieves the mean lifespan of tyres is 80,000km. The present analysis investigates the lifespan of‘The Higher Tyre.’To test the right tailed test is used.The z-test is used for the analysis since the sample size if more than 30.1.Null HypothesisH0: The mean lifespan of tyres is equal 80,000kmH0:μ800002.Alternate HypothesisHA: The mean lifespan of tyres is not equal 80,000kmHA:μ>800003.Significance Level : The level of significance is 0.05. Thus, when calculated p-value isless than 0.05 then we reject the Null Hypothesis, else we accept the Null hypothesis.Similarly, when the t-critical value is more than the absolute value of t-stat, then weaccept, the Null Hypothesis, else we reject the Null Hypothesis.4.The t-stat value is -0.9047. Thus, the absolute value of t-stat is 0.9047. The t-crit value(one-tailed) is 0.5568.The p-value for the test =0.3663.5.Since t-crit value (0.5568) is less than absolute t-stat value (0.9047) hence we accept theNull Hypothesis.The average, lifespan of tyres is less than 80,000km.StatisticsValueCount100Mean79850Standard Deviation1652.87Standard Error165.29Hypothesized Mean800000.05tails2df99t-stat-0.9075p-value0.3663t-crit0.5568signo
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