Identify the Following Term(s)

question 53

Short Answer

Identify the following term(s).
-Memphis

---

Definitions:

Critical Value

A threshold value that is compared with the test statistic to determine whether to reject the null hypothesis in hypothesis testing.

P-value

A measure in statistics that helps in determining the significance of results obtained in an experiment or survey. It indicates the probability of observing results as extreme as those observed if the null hypothesis is true.

Average Sales

The mean amount of sales over a certain period, calculated by summing all sales figures and dividing by the number of sales transactions.

Critical Value

A point on the scale of the test statistic beyond which we reject the null hypothesis; it marks the threshold for significance in hypothesis testing.