Discuss the below:
Explanation and example of two statistical methods:
1. Parametric method:
- Hypothesis ( null and alternative)
- Simple example and explanation in layman's terms
- Confidence level 90%
- Need the critical value explains how attained
- Need Z-score and explained if appropriate ( think this comes from the table, i.e., 90% should be 1.28???
- Compare each data point to the claimed value and sum these. Then compare the critical value and test statistic
- Do we accept or reject Ho or H1 at the stated level of confidence and why? Made in a statement.
2. Nonparametric method:
- Run test
- Simple example and explanation using zero (0) and (1) Ten runs...
(11111 000 11 0000 11111 00 111 00000 1111 000)
- Be sure to include whether it exceeds critical value and why
- Test for randomness (explain)