Discussion:
Q1. You are the manager of a tax preparation center. A vendor brings in a new software package that he says can reduce the amount of time spent preparing taxes. What would your null hypothesis be? With your null who is bearing the risk of Type I and Type II errors?
Q2. What is the value of establishing confidence intervals in making business decisions? Give a specific example from your field of employment.
Q3. What applications in your career or industry do you see hypothesis testing taking place, or an area where it could be applicable? Do you think this would be a one or a two tailed test? Why?