Excel Statistical Analysis - Hypothesis Testing - P-Value & Critical Value Methods - 1 Tail Upper

Dive into the world of hypothesis testing with this comprehensive 33-minute video tutorial. Learn the five essential steps of hypothesis testing and how to apply them in Excel. Explore key concepts such as null and alternative hypotheses, Type 1 error risk, and test statistics. Master the use of P-value and Critical Value methods using Excel functions like NORM.S.DIST and NORM.S.INV. Follow along with a practical example of one-tail upper hypothesis testing for mean realtor salaries. Gain valuable insights into interpreting results and writing conclusions. Download accompanying Excel and PDF files for hands-on practice and future reference.

Syllabus

) Introduction.
) What is a Hypothesis and what is Hypothesis testing?.
) 5 steps in Hypothesis Testing.
) Variables for Hypothesis Testing.
) One Tail Upper (Right) Example for Mean Salary of Realtors.
) Step 1: Null and Alternative Hypothesis.
) Step 2: Determine Alpha, Type 1 Error Risk. What is Type 1, Alpha, Risk?.
) Step 3: Collect Data, Compute Test Statistic.
) Step 4: Use P-value (NORM.S.DIST function) , or 2) Critical Value (NORM.S.INV function) Methods to determine if Test Statistic is past Hurdle.
) Step 5: Write Conclusion.
) Summary of video.
) Closing, Next Video and Video Links.