Data driven decisions

Calculator

Sample Number	Daily Sales				Minimum	8037.00
1	13,337				Maximum	15934.00
2	$10,337				Q 1	9341.5
3	$9,337				Q 2	10337
4	$9,977				Q 3	10356.75
5	$12,786
6	$10,337
7	$10,345
8	$10,359
9	$11,048
10	$8,037
11	$10,340
12	$11,340
13	$10,350
14	$9,356				Student should Use t-test
15	$9,900				Mean	10344.17
16	$15,934				Median	10337.0000
17	$9,334				Sample Standard Deviation	1575.629619
18	$8,999				n=	30
19	$10,453				df=	29
20	$10,337				Confidence Level=	0.95
21	$10,336				t=	2.045
22	$9,339				E=	588.349769
23	$10,339				Confidence Interval Lower Limit	9755.81690
24	$8,903				Confidence Interval Upper Limit	10932.5164
25	$9,454				Null Hypothesis	µ=10,000
26	$8,346				Alternative Hypothesis	µ>10,000
27	$9,349				What type of Test Statistic did you use and why?		Hint: We use a t-test if the population standard deviation is unknown and we use a z-test if the population standard deviation is known.
28	$9,338
29	$10,339
30	$12,339
					Conclusion: Is the claim supported? Why or why not?		Hint: If the p-value is greater than the significance level, we fail to reject the null so there is not enough evidence to reject the hypothesis; we cannot support this claim. If the p-value is less than the significance level, we reject the null hypothesis so we can support this claim.
					If student uses z-test; provide feedback and grade for content.
				Hypothesis Test
				Null Hyp:	m	=	10000
=				Alt Hyp:	m	>	10000
≥
≤					significance level =	0.05
≠					test statistic =	1.19640
<					critical value =	1.69913
>					p-value =	0.12062
				Since	0.1206159025	>	0.05	we	fail to reject	the null:	m	=	10000