300-word count for each question in your own words

| October 16, 2015

1. Possible and Probable OR Possible but Not Probable
In hypothesis testing we use the P values or probability values to reject for fail to reject HO.
Your Possible and or Probable
One of the things you need to do is to explain possible and probable for we use probability values ( P values”) to explain our HO decision. For example

Possible not probable: it is possible but not probable that I will win the lottery

Possible and probable: It is possible and probable that my lawn will turn green in the spring

What are your examples?

2. Benefits of Hypothesis Testing

You need to see and understand the value of the hypothesis testing process so you can use it in real life.
What Are The Benefits
There are at least three benefits of using hypothesis testing you can use to “sell people on the process”.
1. It is an internationally recognized protocal use to make inferences based upon data
2. Reduces the emotion in the decision making process for it is data driven
3. Allows for accurate inference about what is possible versus what is probable
In your presentation you are asked to provide benefits of this process so you can use it in your own world. Based upon your current job or industry, what do you see as two benefits fo hypothesis testing?
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3. Power of Pictures in Presentations

Pictures can be powerful in presentations for it allows you to tap into people emotions and experiences. Pictures are also great places to hide hyperlinks instead of the www. something.
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Pictures and Their Message
Pictures are also powerful in bringing messages to people for it taps into our life and experiences. Therefore, what pictures would you use in a presentation in your world at work? What are you trying to say by using the pictures? For example, if I am making a presentation to a publisher of educational books such as statistics, I would use pictures like this one to help set the tone and focus of the presentation.

4. Wall Street Journal Starting a Business on Limited Capital

This is a great article for those of you who are wanting to start your own business.
What do you take away from this article about starting a business and if you were to start your own business how much capital do you guess you would need? What would be your biggest hurdle for you to cross in starting your own business? How could you use statistics in your business?

Materials: http://www.wsj.com/articles/how-to-start-a-business-with-very-little-money-1422244844

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