(Solution) If You Decided To Add A New Product To Johnson&Johnson's Line, What Do You Think The Opportunity Cost Of This Decision Might Be? | Snapessays.com


(Solution) If you decided to add a new product to Johnson&Johnson's line, what do you think the opportunity cost of this decision might be?


Quote taken from the book: Statistics: A Tool for Social Research, 6th Edition, pp. 250-251:"A final limitation of ANOVA relates to the research hypothesis.  As you recall, when the null hypothesis is rejected, the alternative hypothesis is supported.  The limitation is that the alternative hypothesis is not specific: it simply asserts that at least one of the population means is different from the others.  Obviously, we would like to know which differences are significant.  We can sometimes make this determination by simple inspection ...  This informal, 'eyeball' method can be misleading, however, and you should exercise caution in making conclusions about which means are significantly different."I cite this quote as it highlights an interesting problem--what do you do with an ANOVA test that rejects the null?  The alternative IS NOT specific.  The solutions seem to be either conduct (problematic) post-hoc testing or try an informal "eyeball" approach.  As you continue with your statistics studies, which would you feel more comfortable with?  Have you gained more/or perhaps lost confidence to look at data "informally?" 

 


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This question was answered on: May 23, 2022

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