research articles on hypothesis test and its application in business. Select one (1) company or organization which utilized hypothesis test technique for its business process (e.g., whether providing flexible work hours improve employee productivity.) Give your opinion as to whether the utilization of such a technique improved business process for the selected company or organization. Justify your response.
Please respond to peer posting that follows: A hypothesis is a statement offering a tentative explanation of a given phenomenon or a solution to a problem. As such, it outlines a set of facts that can be tested to be proved right or wrong (Mourougan & Sethuraman, 2017). Businesses usually have to make tough decisions that may improve or fail their operations. For organizations to ensure positive results, it is vital to test the choices in a “laboratory” setting to determine the effect of the variables. As such, managers can be confident of the measures they adopt for their organizations.A hypothesis-testing explores the relationship between two or more variables in an experimental environment using the statistical significance of the relationship between the variables (Green). One organization that employs this technique is The Royal Mint in England. The company produces coins, and to test the quality of the coins, they use a process called the Trial of the Pyx. The process involves randomly selecting coins produced throughout the year, that are then presented to a jury that test the coins at random to measure their weight, measurements, and chemical composition. The panel compares the currencies to a standard coin (The Royal Mint). The null hypothesis is that the coins have the right measurements and form, while the alternative is that the currencies differ from the required characteristics.The process has enabled the Royal Mint to produce quality coins for use in the United Kingdom as well as making medals for foreign states. Hence, establishing a hypothesis for products before subjecting them to the market affects the success or failure of the business.
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