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PHFO Quantitative Analysis For Business Pre-Assessment Practice Exam

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With a p-value of 0.03 and alpha of 0.05, what is the decision?
Correct Answer:
Reject H0; result is statistically significant.
Explanation:
In hypothesis testing, you compare the p-value to your chosen significance level. If the p-value is less than the alpha, you reject the null hypothesis and declare the result statistically significant. The p-value represents the probability of observing data as extreme as or more extreme than what you saw if the null hypothesis is true. Here, p = 0.03 and alpha = 0.05. Since 0.03 is smaller than 0.05, you reject the null hypothesis and conclude the result is statistically significant.

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