QNT 351 Quantitative Analysis for Business Week 4 DQ

QNT 351 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.

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