Hypothesis Testing
39966Purpose
This discussion offers hands-on experience with hypothesis testing in a real-world context, using a financial services marketing dataset to explore statistical relationships. By sharing hypotheses and findings, you’ll gain insights into the practical applications of data analysis in targeting customer segments.
Task
For this discussion, you will utilize the dataset from Unit 4 Assignment. Imagine you’re a data analyst at a marketing agency specializing in financial services helping a Portuguese bank refine its campaign strategy for term deposits. Using the provided Abridged Bank Data Set, identify a hypothesis that could help the bank understand which customer segments are more likely to respond to its offers. Post your initial response (3-4 paragraphs)
In your initial post, address the following:
Formulate a Hypothesis: Clearly describe the business question you’re exploring with the provided bank marketing dataset. Based on your understanding of customer characteristics, define a null and alternative hypothesis.
Define the Variables and Methodology: Identify the key variables involved in your hypothesis and explain your testing approach, including why you selected either a one-tailed or two-tailed test.
Conduct the Hypothesis Test: Use the Excel Hypothesis Test Template provided in Chapter 9 of your textbook, calculate the t-value and p-value, then interpret the test results in a way that the bank could use to make strategic decisions.
Explain the Results: Share the test outcomes in business terms. Did you find statistical support for your hypothesis? How could these insights influence the bank’s marketing strategy?
Reflection: Include a reflection discussing any challenges you encountered while completing the assignment or any aspects of the hypothesis testing process that required additional clarification.
To complete this assignment, it is necessary to refer to chapter 9 in Business Analytics: Data Analysis & Decision Making (Albright & Winston, 2019). You can also visit the UC Irvine Machine Learning Repository for information and guidance on how to use the dataset and learn more about the variables.
UCI machine learning repository. (n.d.). UCI Machine Learning Repository. https://archive.ics.uci.edu/dataset/222/bank+marketing
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