PiggyBank and Information Experts sample problem
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PiggyBank has narrowed its options down to two incentive plans: A. cash back when the consumer makes an online purchase; and B. cash back when the consumer makes a purchase at a clothing store. The bank doesn't know whether consumers would shop online more than at clothing stores.
Information Experts has placed you in a group to develop null and alternative hypotheses to help the bank determine which option would provide the best incentive to consumers. Work with your group members to develop the null and alternative hypotheses. As a group, write a brief memo to the PiggyBank product development team describing your hypotheses and explaining how you arrived at them.
Use team and problem-solving skills
? Use effective communication techniques.
? Formulate null and alternatives hypotheses for applications involving a single population mean, proportion, or variance.
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Solution Summary
Describes how to arrive at the hypothesis and null hypothesis for PiggyBank's two incentive plans: cash back when the consumer makes an online purchase; or cash back when the consumer makes a purchase at a clothing store.
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Background: PiggyBank is considering 2 incentives:
1. cash back on online stores (mu1), and
2. cash back at clothing stores (mu2).
Needed Information: How much money do customers spend at clothing stores vs online stores?
H0: There is NO difference between the mean amount customers spend at ...
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