Usually, there is some confusion on the topic of Hypothesis Testing. A standard undergraduate class on this topic involves terms such as “null hypothesis”, “alternative hypothesis”, “power of the test”, “statistically significant”, “p<0.05”, etc., which can be misleading or misunderstood. Most of this is due to the fact that the Neyman-Pearson paradigm of Hypothesis Testing has been stipulated in science and engineering as the standard mindset when data-based decisions have to be made.
MS in Probability and Statistics & BA in Actuarial Science. Today I’m a project manager for data driven projects.