Inferential statistics vs Statistical inference.

what does it mean when the question say “we can ignore the finite population correction factor”?
 
Don’t be concerned by this.
When sample sizes are “big” relatively to the population (about 5% of the population) you need to make a correction to standard deviation.
Not an issue.
 
In R11, EOC 08.
Management claims that Willco’s performance during the most recent cycle results from new approaches and that we can dismiss profitability expectations based on its average or normalized earnings of $24 million per year in prior cycles.
With μ as the population value of mean annual net income, formulate null and alternative hypotheses consistent with testing Willco management’s claim.
Answer is
As stated in the text, we often set up the “hoped for” or “suspected” condition as the alternative hypothesis. Here, that condition is that the population value of Willco’s mean annual net income exceeds $24 million. Thus we have H0: μ ≤ 24 versus Ha: μ > 24.
Where is the question does it say more than 24m? Shouldn’t it be H0: μ = 24, Ha: μ =/= 0
 
You have to use a bit of common sense here: clearly management isn’t saying that they expect that the performance is different from $24 million, and that being less than $24 million is just as good as being more than $24 million.
 
  1. Willco is a manufacturer in a mature cyclical industry. During the most recent industry cycle, its net income averaged $30 million per year with a standard deviation of $10 million (n = 6 observations). Management claims that Willco’s performance during the most recent cycle results from new approaches and that we can dismiss profitability expectations based on its average or normalized earnings of $24 million per year in prior cycles.
    1. With μ as the population value of mean annual net income, formulate null and alternative hypotheses consistent with testing Willco management’s claim.
The complete question is as above. The sample mean is 30m, proposed pop mean is 24m. The management’s position is not very clear to me. They state “dismiss profitability (the 30m) based on the pop mean.
 
It sounds as though they’re claiming that profits are greater than $24 million; that’s the alternative hypothesis.
 
Does measuring implication only exist in symmetrical triangle pattern or in all three types of triangle patterns?
Also
Are flag and pennant short term version of rectangle and triangle.
 
I recommend that you post this last question in a new thread.
One topic per thread makes them more useful to others on the forum.
 
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