Answer the following in a minimum of 300 words, APA references and peer reviewed
1-What is the Type I Error? What is the Type II Error? How would these two concepts affect the way people form a null hypothesis versus an alternative hypothesis? Please provide a real world example to demonstrate how you would set up the null and the alternative hypothesis to reach a conclusion. (Hint: Statistically, one can only reject a null hypothesis, but cannot accept one. For this reason, the right way to set up hypothesis testing is to put/state your conclusion or what you want to prove in the alternative rather than the null hypothesis.)
After answering part 1 in a different document complete the following. Original work and APA format and references is a must, and quality graduate level will be verified.
2-Prepare a 8-10 page report (excluding the cover page, the reference page, and any tables and graphs), which compares and contrasts various sampling processes or models. You may use hypothetical or computer generated data for this exercise. Based on problem 5 and 6 on page 315 of Albright and Winston, use your computer generated data to discuss the advantages and disadvantages of Monte Carlo sampling and Bootstrap sampling. Why are they better than the basic simple random sampling? Could you provide one real world case where Monte Carlo sampling should be used and one case where Bootstrap sampling is more appropriate?
Hint: You need to generate at least three set of data: one for simple random sampling, one for Monte Carlo sampling, and one for Bootstrap sampling. A verbal description by itself will not receive any credits. Please copy and paste in or attach your Excel Worksheet, which is a must to receive credits for statistical analysis. Finally, please present your raw data either in a table or a graph. A graph is preferred as you can also illustrate how well your regression may fit into the actual series. You do need to analyze your own data and cannot simply cite the statistical result published else where.
Please check the basic APA format checklist (especially section headings) posted in the Announcement and the grading rubric for writing assignments in the syllabus before you submit this assignment.
Thanks for everything
