QNT351 Quantitative Analysis for Business Week 4 DQ

What is the difference between a left-tailed, two-tailed, and right-tailed test. When would you choose a one-tailed test?

 What is the importance of a 5% significance level? Why would you choose 5% as opposed to 10% or 1%? What effect does the level of significance have on a Type II error?

What are the five steps in the hypothesis testing procedure? Are the steps followed in sequence? Explain why or why not.