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A One-Sample T-Test for the Mean Population Score on an Aptitude

question 4

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A one-sample t-test for the mean population score on an aptitude test is performed.The hypotheses are: H0: μ = 100
HA: μ ≠ 100
The computer test statistic,t,is positive,and the P-value for the test is found to be 0.07.What is a correct interpretation of this P-value?


Definitions:

Product Costs

The three components of manufacturing cost: direct materials, direct labor, and factory overhead costs.

Standard Cost

A detailed estimate of what a product should cost.

Past Cost Data

Historical financial information regarding the costs incurred by a business.

Ideal Standards

Standards that can be achieved only under perfect operating conditions, such as no idle time, no machine breakdowns, and no materials spoilage; also called theoretical standards.

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