Explain Why a Measure of Effect Size Is Recommended to Accompany

question 34

Essay

Explain why a measure of effect size is recommended to accompany the result from a hypothesis test.

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Definitions:

Variance

A measure of how spread out a set of numbers is, indicating the variability from the mean.

Index Fund

An investment fund designed to replicate and match the performance of a specific market index.

Expected Monetary Value

The predicted amount of money that an action or decision is expected to generate, considering all possible outcomes and their probabilities.

Index Funds

Mutual funds or exchange-traded funds designed to replicate the performance of a specific index, such as the S&P 500.