There are primarily two types of errors that occur, while hypothesis testing is performed, i.e. either the researcher rejects H0, when H0 is true, or he/she accepts H0 when in reality H0 is false. So, the former represents type I error and the latter is an indicator of type II error. The testing of hypothesis is a common procedure; that researcher use to prove the validity, that determines whether a specific hypothesis is correct or not. The result of testing is a cornerstone for accepting or … [Read more...]

The two ways of carrying out statistical significance test of a characteristic, drawn from the population, with respect to the test statistic, are a one-tailed test and two-tailed test. The one-tailed test refers to a test of null hypothesis, in which the alternative hypothesis is articulated directionally. Here, the critical region lies only on one tail. However, if the alternative hypothesis is not exhibited directionally, then it is known as the two-tailed test of the null hypothesis., … [Read more...]

ANOVA is an effective technique for carrying out researches in various disciplines like business, economics, psychology, biology and education when there are one or more samples involved. It is often misconstrued with ANCOVA, as both are used to check the variance in the mean values of the dependent variable associated as a result of controlled independent variables, after considering the consequences of the uncontrolled independent variable. ANOVA is used to compare and contrast the means of … [Read more...]

Hypothesis testing starts with setting up the premises, which is followed by selecting a significance level. Next, we have to choose the test statistic, i.e. t-test or f-test. While t-test is used to compare two related samples, f-test is used to test the equality of two populations. The hypothesis is a simple proposition that can be proved or disproved through various scientific techniques and establishes the relationship between independent and some dependent variable. It is capable of … [Read more...]

Think of a solid object like a cube, cuboid, pyramid and so forth that have three-dimensions, which are length, width and height. Length refers to the extent of an object, i.e. it identifies how long an entity is. On the other hand, height implies the altitude of the object; that tells how tall an entity is? There are many students of mathematics, who have doubts regarding length and height of an object, as for them, these two dimensions are one and the same thing. But, this is not so, they … [Read more...]

Standard Deviation is defined as an absolute measure of dispersion of a series. It clarifies the standard amount of variation on either side of the mean. It is often misconstrued with the standard error, as it is based on standard deviation and sample size. Standard Error is used to measure the statistical accuracy of an estimate. It is primarily used in the process of testing hypothesis and estimating interval. These are two important concepts of statistics, which are widely used in the … [Read more...]

In economics, demand is defined as the quantity of a product or service, that a consumer is ready to buy at various prices, over a period. Demand Curve is a graph, indicating the quantity demanded by the consumer at different prices. The movement in demand curve occurs due to the change in the price of the commodity whereas the shift in demand curve is because of the change in one or more factors other than the price. The demand curve is downward sloping from left to right, depicting an … [Read more...]

Have you ever wondered why the one who is poor and in a shabby attire is regarded as uncivilized, even though he may be the most cultured person and the one in a sophisticated outfit, is called civilized, but, may not be having the sense of culture? Culture is everything about the human society, i.e. it refers to the knowledge and features of a specific group of people living in a region. On the other extreme, civilization is the breakthrough of the human society meaning that it is the … [Read more...]

There is a common misconception of the students that grant and scholarship are same, as both the schemes offer money to the students without having to repay them. However, there is a thin line of difference between these two terms, which remain unnoticed by many. While grants are awarded to all the persons who are in need of it, but scholarship is awarded to students only. Whether it's a student or a businessman or any other entity, finance is the basic requirement, which buys all the stuff, … [Read more...]

When data is collected, in bulk and assembled by the researcher, then the next step to the data preparation process is to arrange it in a concise and logical manner, called tabulation. It is a set of facts and figures which are presented in an organised way in rows and columns. While rows are meant to run horizontally, columns are drawn vertically. People often misconstrue rows for columns, as they are used in the matrix, spreadsheets and classroom settings too, for the purpose of bifurcating … [Read more...]