80 Fundamental Models for Business Analysts: Descriptive, Predictive, and Prescriptive Analytics Models with Ready-to-Use Excel Templates by Scappini Alberto

Author:Scappini, Alberto [Scappini, Alberto]
Language: eng
Format: azw3
Publisher: UNKNOWN
Published: 2016-10-25T16:00:00+00:00

Figure 40: Summary of Parametric and Non-parametric Tests

Tests usually analyze the difference in means, and the result is whether or not the difference is significant. When we make these conclusions, we have two types of possible errors:

- α: the null hypothesis is true (there is no difference) but we reject it (false positive);

- β: the null hypothesis is false (there is a difference) but we do not reject it (false negative).

Possible outcomes of hypothesis testing

NOT REJECT NULL HYPOTHESIS

REJECT NULL

HYPOTHESIS

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