5 Steps of p-value Hypothesis Testing
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Step 2:
Choose the level of significance, α, and the sample size, n
Step 4:
Collect data and compute the value of the test statistic and the p-value.
Step 3:
Determine the appropriate test statistic and sampling distribution.
Step 1:
State the null hypothesis, H₀ and the alternative hypothesis, Hₐ
Step 5:
State the statistical decision and managerial conclusion. if the p-value is < α then reject H₀, otherwise DO NOT reject H₀, State the managerial conclusion in the context of the problem.