Successful management Discussion question, business and finance homework help

ALL WORK MUST BE ORIGINAL. ANY COPIED OR PLAGIARISM WILL RESULT IN WITHDRAW.Unit 3 Discussion Discussion TopicInthis Discussion, you will examine practical applications of hypothesistesting. Make sure to read the chapter on Hypothesis testing beforeposting.Successfulmanagement is about making decisions to bring about desired change. Amanager who has a specific objective will execute an action, hoping thatthe result will be the achievement of that objective. However, due tothe multitude of factors that are in play in any real-life situation, itis difficult to tell if the desired outcome has been achieved or if thenew numbers are only due to randomness.Forexample, a sales manager implements a bonus system and sees the salesfigures go up by 3% in the next month. She claims success, but was thisreally due to the bonus system or could the increase be the result ofrandom fluctuations, something that would have happened anyway? Can themanager confidently claim that there has been a significant change,something that could not be the result of random fluctuations?Anotherexample may be where HR is worried there may be a difference betweenthe salaries of men versus women that may need to be corrected. Is thedifference between average salaries of the two genders significant, orcould it be due to coincidence? Can someone claim there isdiscrimination at work? Hypothesistesting answers such questions and is key to managing intelligently.Without these answers, you cannot be sure if the actions you are takingare working out or whether things really are the way you think they are.If you do not know these, how can you know what to do?Forthis Discussion, describe a situation from your work experience wheredecisions are being made that would benefit from hypothesis testing.Follow the template below and answer all questions:Describe the decision situation: Whatis the desired outcome or the question that needs to be answered, andwhat are the actions being considered? Without hypothesis testing, howare decisions being made currently?How would you set up the hypothesis test? State what the null and alternative hypothesis would be, what kind of a test you would use.Describe the data you would use:What do you need, how much do you need, where would it come from? Isall the data currently being recorded or will it need to be collected?If it needs to be collected, will it need to be sampled (why), or canthe entire data be recorded? Please make sure to answer all thesequestions in your explanation.How would you explain to management the significance of this test? Howwould you convince them that using this is necessary? What would bedrawback of not using a hypothesis test in this situation?