Decision making using statistical method Accounting, Finance Essay (Essay Sample)

Decision Making Using Statistical Methods
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Decision making using statistical tests
For one to make sound decisions, they need to have enough reasons. Statistics are an excellent way to do this. Hypothesis testing is one of the statistical methods one can use to make an important decision. Here one tends to find a statement that is mostly supported by evidence among two exclusive reports. Say for example one time I wanted to determine the average number of ladies that are likely to buy dresses over pants in my class at one point; this was to assist me in making my orders for a small business in college. This ended up being the backbone of it all.
Being that the people school had a population of close to a thousand students residing around the environs and almost half the population female, the null hypothesis stated the average number of those to purchase dresses would be half the ladies population while the alternative hypothesis stated any other percentage of the community. For this, I had with me the sample photos of the dresses as well as the pants, some of the clothes as well. I approached different groups of the ladies; others in groups while some in solos of which the total was 50