Scenario: Loan Approval Times for Two Branches You’re a data analyst at a national bank, and the bank’s management is interested in improving customer service. One of the metrics they’re focusing on is the time it takes to approve a loan application….
read moreCertainly! Let’s consider a real-world scenario where we would use a two independent sample z test: Scenario: Energy Drinks and Reaction Times Imagine you work at a research institution and you’re tasked with investigating whether two different brands of energy drinks…
read moreSure, let’s walk through an example of a t-test. Let’s say we’re working with a software company that claims the average load time for its website is 3 seconds. We think it might be longer, so we collect load times from a…
read moreSure, let’s walk through an example of a Z-test. Imagine we’re working for a company that manufactures light bulbs. The company claims that its light bulbs have an average lifespan of 1,500 hours. We suspect this might not be accurate, so we…
read moreHypothesis testing is a statistical method used to make inferences or draw conclusions about a population based on a sample of data. It’s a key component of many scientific studies, business models, and other scenarios where making decisions based on data is…
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