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Effective Quality Management using Hypothesis Test

A business hypothesis is a foundational theoretical concept whose good understanding helps you to achieve business goals. For instance, it provides a mathematical way to answer questions like whether you should spend on advertising or whether increasing a price of a product will affect your customers. Data collection is one part of the game, but correct data processing and interpretation is the final stage of your decision-making process. Hypothesis testing is used to infer whether there is enough data to support evidence . There are various test methods : Parametric Tests - z-test, t-test, f-test. Non Parametric Tests - Wilcoxon Rank-sum test, Kruskal-Wallis test and permutation test.

Read more at : http://www.datasciencecentral.com/profiles/blogs/importance-of-hypothesis-testing-in-quality-management

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