Hey guys need some help with stats.

In your environment (business or personal), please describe a hypothesis test related to a decision.

• What would be your data?
• What would be your null hypothesis?
• What would be your alternative hypothesis?
• What would be your Type 1 and Type 2 errors relative to your decision?
• Suppose you have a p-value of 0.01, what does this mean relative to your problem and decision?
• Suppose the p-value is 0.20, what does this mean relative to your problem and decision?