Summary
Congratulations, you have managed to apply statistical thinking and test a hypothesis resembling a real-world business use case, there may be situations in your own business or life where testing hypotheses can be applied.
In this chapter, we have learned about using statistical tests to test different hypotheses. We have learned about the different types of error, about choosing significance levels, and understood how p-values relate to significance levels. Then we learned about significance tests for population proportions and significance tests for population means. Finally, we have worked through an example based on our case study of a product promotion on an online store.
In the upcoming chapter, we’ll switch gears and dive into regression analysis. This powerful statistical technique goes beyond identifying whether variables are related, allowing you to predict future outcomes based on these relationships. If you’ve ever wondered how to forecast sales...
