What Are the Assumptions of the Wilcoxon Rank-Sum Test

question 11

Essay

What are the assumptions of the Wilcoxon rank-sum test?

Identify strategies for entering markets with high competition.

Understand the relationship between price, quality perception, and prestige.

Recognize the role of competitive pricing and its impact on market dynamics.

Evaluate the effectiveness of different promotional strategies in selling and advertising.

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Definitions:

Critical Value

A threshold in a statistical test that defines the boundary for deciding whether an observed statistic is extreme enough to reject the null hypothesis.

Alpha

A threshold value used in hypothesis testing to determine the significance level at which the null hypothesis is rejected in favor of the alternative hypothesis.

Non-directional Hypothesis

A hypothesis that does not predict the specific direction of the difference or relationship, only that one exists.

T-statistic

A statistic calculated from sample data used to assess the plausibility of the null hypothesis in t-tests.