ASSIGNMENT 2 FRONT SHEET

Qualification BTEC Level 5 HND Diploma in Business

Unit number and title Unit 42 - Statistics for Management

Submission date Date Received 1st submission

Re-submission Date Date Received 2nd submission

Student Name Tran Khanh Ly Student ID GBH210351

Class GBS1006 Assessor name Truong Ngoc Thinh

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I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand
that making a false declaration is a form of malpractice.

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 Assignment Brief 2 (RQF)
Higher National Certificate/Diploma in Business

Student Name/ID Number:

Unit Number and Title: Unit 42 - Statistics for Management
Academic Year: 2021-2022
Unit Assessor:
Assignment Title: ASSIGNMENT 2 – Application in Business Planning
Issue Date:
Submission Date:
Internal Verifier Name:
Date:

Submission Format:

Format:

● This assignment is an Individual report.

● You must use font Times New Roman, size 12, set number of the pages and line spacing at 1.5 lines.
Margins must be: left: 2.5 cm; right: 2 cm; top: 2 cm and bottom: 2 cm.

● You should use in-text references and a list of all cited sources at the end of the essay by applying the
Harvard referencing style.

● The recommended word limit is 3000-3500 words (+/-10%), excluding the tables, graphs, diagrams,
appendixes and references. You will not be penalized for exceeding the total word limit.

● The cover page of the report has to be the Assignment front sheet 2 (to be attached with this assignment
brief).

Submission

● Students are compulsory to submit the assignment in due date and in a way requested by the Tutor.
● The form of submission will be a soft copy posted on http://cms.greenwich.edu.vn/.
 ● Remember to convert the word file into PDF file before the submission on CMS.

Note:

● The individual Assignment must be your own work, and not copied by or from another student.
● If you use ideas, quotes or data (such as diagrams) from books, journals or other sources, you
must reference your sources, using the Harvard style.
● Make sure that you understand and follow the guidelines to avoid plagiarism. Failure to comply this
requirement will result in a failed assignment.

Unit Learning Outcomes:

LO3 Apply statistical methods in business planning

LO4 Communicate findings using appropriate charts/tables.

Transferable skills and competencies developed

Problem solving and critical analysis:

• The ability to provide information based on collection, analysis and interpretation of data.

• The ability to carry out research for evidence-based decision making

• Conceptual and critical thinking, analysis, synthesis and evaluation

• The ability to support, manage and communicate change by identifying barriers and overcoming them

• Being able to produce reports and provide management information based on the collation,
analysis and interpretation of data.
Vocational scenario

Organisation:

SSI Securities Corporation (SSI - HOSE) - was found in December 1999 as the first privately licensed securities
firm and the smallest one in the market at that time. With 20 years of experience in the Vietnam financial
market, the Company has become a leading financial institution, which has the fastest growth rate, with its
charter capital increasing more than 1000 times.

With strong financial capability, high standard corporate governance, and professional human resource, SSI
provides clients with a comprehensive range of financial products and services, maximizing shareholders’ value.

Role:
You are a Research Analyst of SSI Securities Corporation. Your role includes:

 Company analysis and market opportunities.

 Track investments.
 Searching, proposing effective investment plans and solutions to submit to the Leaders.
 Build investment products.
 Searching, appraising and proposing investment opportunities suitable to the Company's
investment criteria.
 Build industry database and make valuation reports, industry analysis as required.

Assignment Brief and Guidance:

* This assignment guidance can be customized by the tutor to meet specific needs

Assignment scenario

You are a Research Analyst of SSI Securities Corporation. Your corporation is planning to make business reports
of some Vietnamese companies/industries by applying several statistical methods.

Precisely, you are required to demonstrate your understanding by applying statistical techniques in analysing
Vietnamese companies’ business planning and operations management (if possible, with the same dataset from
the first assignment).

Structure of the Report

Introduction (inheriting from Assignment 1 and developing the additional methodology applied in this
assignment)

1. Background and the reasons why you choose the topic

2. Objectives, scope, and meaning of the study

3. Methodology (changed)

4. Structure of the report (changed)

Main contents

1. Apply a range of statistical methods used in business planning for quality /inventory/ capacity
management
 a. Measuring the variability in business processes or quality management.
b. Probability distributions and application to business operations and processes.
c. Inferential statistics illustrating the differences between population and sample based on
different sampling techniques and methods
 One sample T-test: Estimation and Hypotheses testing.
 Two sample T-test: Estimation and Hypotheses testing.
 Measuring the association between two variables (from the dataset) by regression technique.
d. Make valid judgements (on assumptions and results) and recommendations for improving business
planning through several applications of statistical methods above.

2. Create/draw different types of visual representations (frequency tables, simple tables, pie charts,
histograms) for variables in the dataset. Explain the advantages and disadvantages of each visual representation.

3. For a given variable in the dataset:

a. Use two different visual representations to describe this variable.

b. Evaluate the appropriateness of above visual representations and justify your choices.

Conclusion

Write a conclusion of findings and recommendations to support decision-making and business planning processes
in your organisation.

Recommended Resources

Please note that the resources listed are examples for you to use as a starting point in your research – the list is not definitive.

Web links:

General Statistics Office of Vietnam. Available at:

https://www.gso.gov.vn/en/homepage/

SSI Securities Corporation. Available at:

https://www.ssi.com.vn/
HN Global

HN Global (2021) Reading Lists. Available at:

https://hnglobal.highernationals.com/learningzone/ reading-lists

HN Global (2021) Student Resource Library. Available at:

https://hnglobal.highernationals. com/subjects/resource-libraries

HN Global (2021) Textbooks. Available at: https://hnglobal.highernationals.com/textbooks

Textbooks

ANDERSON, D. et al (2020). Statistics for Business & Economics. 14th Ed. Cengage Learning
Learning Outcomes and Assessment Criteria (Assignment 2):
Learning Outcome Pass Merit Distinction
P4 Apply a range of D2 Make valid
statistical methods used M3 Justify the use of recommendations and
LO3 Apply statistical in business planning for appropriate statistical judgements for
methods in business quality, inventory and methods, supported by improving business
planning capacity management. specific organisational planning through the
examples. application of
statistical methods.
P5 Assess different
types of visual
representations for
M4 Evaluate the use of
communicating findings
different types of charts
LO4 Communicate effectively. D3 Justify the rationale
and tables for
findings using for choosing the method
effectively
appropriate charts/tables P6 Using appropriate of communication.
communicating findings
charts and tables,
for given variables.
communicate findings
for given variables
effectively.
Table of Contents
Assignment Brief 2 (RQF).....................................................................................................................................3
Higher National Certificate/Diploma in Business..............................................................................................3
II. Apply a range of statistical methods used in business planning for quality /inventory/ capacity management.
...................................................................................................................................................................... 10
2.1. Measuring the variability in business processes or quality management.................................................10
A. descriptive statistics...............................................................................................................................10
B. Range.....................................................................................................................................................11
C. Variance.................................................................................................................................................12
D. Standard Deviation................................................................................................................................12
III. Probability distributions and application to business operations and Processes............................................13
3.1. Poisson Distributions..............................................................................................................................13
3.2. Normal Distributions...............................................................................................................................14
3.3. Probability Distribution...........................................................................................................................15
IV. Inferential statistics illustrating the differences between population and sample based on different sampling
techniques and methods...................................................................................................................................16
4.1. One sample T-test: Estimation and Hypotheses testing...........................................................................16
4.2. Two sample T-test: Estimation and Hypotheses testing...........................................................................18
4.3. Measuring the association between two variables (from the dataset) by regression technique...............19
4.5. Measuring the association between two variables..................................................................................22
V. Explain the advantages and disadvantages of each visual.............................................................................25
5.1 Representation........................................................................................................................................25
5.2 Advantages and disadvantages of simple tables...........................................................................................27
5.3. Advantages and disadvantages of pie charts...........................................................................................29
5.5. Advantages and disadvantages of histograms.........................................................................................30
VI. Use two different visual representations to describe this variable - Evaluate the appropriateness of the
above visual rep................................................................................................................................................31
VII. Conclusion...................................................................................................................................................33
VIII. Reference...................................................................................................................................................33
I. Introduction.

SSI Securities Joint Stock Company employs me as a Research Analyst. Your organization intends to use
statistical methodologies to create business reports for several Vietnamese companies/industries. To be
more specific, I was requested to demonstrate my comprehension by analyzing business planning and
operations management in Vietnamese enterprises using statistical approaches. The results and answers
that researchers seek when doing statistical research are referred to as the objective of statistical
research. The practical meaning of scientific research might be viewed as the research purpose. (Nguyen
Van Tuan, 2020).The Report is divided into three sections: the first section is The second half is to apply a
variety of statistical approaches used in business planning for quality/inventory/capacity management.
Create/draw several sorts of visual representations for variables in the dataset (frequency tables, basic
tables, pie charts, histograms). Explain the benefits and drawbacks of each graphic depiction. Finally,
there is the section for a specific variable in the dataset.

II. Apply a range of statistical methods used in business planning for quality /inventory/ capacity
management.

2.1. Measuring the variability in business processes or quality management.

A. Descriptive Statistics.

Data analysis is referred to as descriptive statistics. Charts, tables, and graphs are used to summarize
sample data. When the population is enormous, quantitative analysis becomes challenging. As a result,
just a limited data sample is evaluated. This data set is well-formatted and structurally split. A
relationship is created between two data variables or a shared average. Inferential statistics are then
presented. Inferential statistics establish whether the conclusions apply to the entire population. (Vadja,
n.d)

Example.
 Descriptive Statistics ( Shaban, nd)

B. Range.
In statistics, the range is the difference between the highest and lowest values for a particular data
collection. For instance, if the provided data set is 2,5,8,10,3, the range is 10 - 2 = 8. As a result, the range
may alternatively be defined as the difference between the highest and lowest observations. The range
of observation is the name given to the outcome. In statistics, the range indicates the dispersion of
observations.

The formula of the range in statistics can simply be given by the difference between the highest and
lowest values.

Example.

Range = Highest Value – Lowest Value Or

Range = Highest observation – Lowest observation Or
Range = Maximum value – Minimum Value
C. Variance.
A statistical assessment of the dispersion of values in a data collection is referred to as variance. Variance
explicitly assesses how distant each number in the set is from the mean (average), and consequently
from every other number in the set. This symbol is frequently used to represent variation:2. Analysts and
traders use it to predict volatility and market security.

The standard deviation (SD or ) is the square root of the variation, and it helps measure the consistency
of an investment's returns over time. (Hayes, 2023)

Variance (Hayes, 2023)

D. Standard Deviation.
The standard deviation is a statistic that calculates as the square root of the variance and quantifies the
dispersion of a dataset compared to its mean. The standard deviation is determined as the square root of
the variance by calculating the departure of each data point from the mean.

If the data points are further from the mean, there is a bigger deviation within the data set;
consequently, the higher the standard deviation, the more spread out the data. (Hargrave, 2023)
III. Probability distributions and application to business operations and Processes.

3.1. Poisson Distributions.

A Poisson distribution is a probability distribution used in statistics to illustrate how many times an event
is expected to occur over a certain time period. It is, in other words, a count distribution. Poisson
distributions are frequently used to analyze independent events that occur at a consistent rate during a
specified time frame. It was named after Siméon Denis Poisson, a French mathematician.

The Poisson distribution is a discrete function, which means that the variable may only take values from
a (possibly endless) list. To put it another way, the variable cannot accept all values in any continuous
range. The variable in the Poisson distribution may only take whole integer values (0, 1, 2, 3, etc.), no
fractions or decimals. (Hayes, 2022)
3.2. Normal Distributions.

A normal distribution is a sort of continuous probability distribution in which the majority of data points
cluster around the middle of the range, but the remainder taper off symmetrically toward either
extreme. The mean of the distribution is also known as the midpoint of the range.

A Gaussian distribution or probability bell curve is another name for the normal distribution. It is
symmetric around the mean, implying that values close to the mean occur more frequently than those
further away from the mean. (Awati, 2022)

The standard normal distribution (red curve in the right illustration) is a normal distribution with a mean
of 0 and a variance of 1. The normal distribution is also known as the bell curve because the probability
density graph is curved like a bell.

Density function:

Medium
Variance:

Moment generating function:

3.3. Probability Distribution.

The probability distribution determines the probable outcomes of each random occurrence. It is also
described as a set of probable outcomes of any random experiment depending on the underlying sample
space. These settings might be a collection of real numbers, a collection of vectors, or a collection of any
entity. It is associated with probability and statistics.

The outcome of a random experiment is defined as an experiment whose outcome cannot be

anticipated. Assume that if we throw a coin, we have no way of knowing whether it will come up Head or
Tail. An outcome is the probable outcome of a random experiment. A sample point is a collection of
outcomes.
We can always generate a probability pattern table in terms of variables and probabilities using these
trials or events. (Sakovich, 2023)

IV. Inferential statistics illustrating the differences between population and sample based on different
sampling techniques and methods.

4.1. One sample T-test: Estimation and Hypotheses testing.

One-sample the T-test is a statistical hypothesis testing procedure that compares the mean of a sample
to a postulated value, such as the population mean. The t-test determines whether or not the difference
between the sample mean and the hypothesized value, such as the population mean, is statistically
significant. When the population standard deviation is unknown and the sample size is small, the T-test is
employed for hypothesis testing of one-sample mean. The distribution utilized is a T-distribution with
several degrees of freedom. A tiny sample is defined as one with less than 30 observations.
T = (X̄ - μ) / S/√n

Where X is the sample mean, is the hypothesized population mean, S denotes the sample standard
deviation, and n denotes the number of sample observations.

When using T-test, the T-distribution is employed instead of the normal distribution. The t-distribution is
a family of symmetrical curves about the mean with increasing variability as the degrees of freedom
grow. The t-test statistic (T) is based on a t-distribution with n - 1 degrees of freedom, where n is the
sample size. (Kumar, 2022)

Estimation testing.

The one-sample T-test is a hypothesis test regarding the population mean that is used to investigate the
association between the mean of a quantitative population and a given value identify. When running a
One-Sample T-Test, the following steps are taken:

Step 1: Hypothesis Ho: "Mean value of population variable = given value"

Step 2: Filter out the cases that fulfill the requirements (if any) of the set of test participants

Step 3: Conduct a One-Sample T-Test

Step 4: Determine the Sig value that corresponds to the estimated T-Test t value

Step 5: Compare the Sig value to the probability value a

If Sig > a, we accept the hypothesis Ho; otherwise, we reject the null hypothesis.
Hypotheses testing.

Hypothesis testing, also known as significance testing, is a statistical procedure in which an analyst
examines an assumption about a population parameter. The analyst's approach is determined by the
type of the data and the purpose of the study.

Using sample data, hypothesis testing is performed to examine the plausibility of a theory. Such
information may be derived from a wider population or through a data-generating mechanism. In the
following descriptions, the term "population" will be used for both scenarios. (Majaski, 2023)

4.2. Two sample T-test: Estimation and Hypotheses testing.

A two sample t-test is used to determine whether or not two population means are equal.

This tutorial explains the following:

The motivation for performing a two-sample t-test.

The formula to perform a two-sample t-test.

The assumptions that should be met to perform a two-sample t-test.

An example of how to perform a two-sample t-test.

If you want to compare two mean values from two different populations, with the feature that each
observed element in this population has a pairwise similarity with an element in the other population, we
perform the test equality of two population means on sample data drawn from two populations in a
pairwise manner: T-Test with Paired Samples. -The sample data is gathered in the form of a quantitative
distance or ratio scale. The testing procedure will begin by subtracting the values of each pair of
observations and then determining if the population mean difference equals zero. There is no difference
if = 0. The paired sample test has the benefit of excluding extraneous effects on the test group. This test
method is ideal for pre- and post-testing. For example, one corporation polled a group of individuals
about two types of peanut products: unimproved and improved. -The Paired-Samples T-Test requires
that the sizes of the two samples being compared be identical, and that the difference between the
values of the two samples have a normal distribution or that the sample size be big enough to be
considered an approximation of the distribution standard.

4.3. Measuring the association between two variables (from the dataset) by regression technique.

Linear regression is a data analysis approach that uses another known and related data value to predict
the value of unknown data. It uses a linear equation to represent the unknown or dependent variable
and the known or independent variable. Assume you have statistics on your spending and revenue for
the previous year. This data is analyzed using the linear regression approach, which finds that your costs
are half your income. They then compute an unknown future cost by dividing the known future revenue
in half.
4.5. Measuring the association between two variables.

The strength of relationship is measured by a correlation coefficient, indicated by the symbol r. This
measure of linear connection is also known as Pearson's correlation coefficient, after its creator. If a
curve is to be utilized to suggest association, more advanced correlation metrics must be used.

On a scale of +1 to -1, the correlation coefficient is determined. Alternatively, +1 or -1 represents the

whole link from one variable to another. The correlation is positive when one variable increase while the
other declines; the correlation is negative when one variable decrease while the other grows. A
connection with a zero absence is represented by a value of 0.
To demonstrate the relationship, a simple equation known as the regression equation can be used. In
this case, "regression" simply indicates that the mean value of y is a "function" of x, changing in the same
manner that x does. In the simplest example, the regression equation is a straight line, and it may be
used to draw a regression line on a scatter plot to show how much y changes for every given change in x.
Whether the link is positive or negative determines the slope of the line. When both sets of observations
rise or decrease at the same time (positive), the line slopes upward from left to right; when one set
declines while the other increases, the line slopes downward from left to right. Given that the line must
be straight, it will contain very few, if any, crossovers of the dots. Given that a straight line accurately
reflects the link, we must specify two characteristics of the line to correctly display it on the diagram. The
first is the distance above the baseline, while the second is the slope.
V. Explain the advantages and disadvantages of each visual.

5.1 Representation.
 Statistics
What is your gender?
N Valid 200
Missing 0
Mean 1.75
Std. Error of Mean .031
Median 1.75a
Mode 2
Variance .191
Range 1
Minimum 1
Maximum 2
Sum 349
Percentiles 25 1.25b
50 1.75
75 .
a. Calculated from grouped data.
b. Percentiles are calculated from
grouped data.

What is your gender?

Cumulative
Frequency Percent Valid Percent Percent
Valid Male 51 25.5 25.5 25.5
Female 149 74.5 74.5 100.0
Total 200 100.0 100.0

Favorable.
- The data is presented in a more concise manner. At first look, one can obtain insight into the data's
important qualities.
- The distribution pattern of observations falling into distinct classifications is easily discernible.
- It enables the application of more complex statistical approaches, which aid in the discovery of cryptic
and hidden data properties.
- The frequency distribution table may be used to create histograms, bar charts, and other graphs to aid
with data visualization.
- Data descriptive metrics such as mean, median, mode, standard deviation, deviation, and kurtosis may
be calculated using frequency tables.
- Looking at the distribution table, we see that the value of the sex of the male survey participants is 51
and the female is 149 in a sample of 200 participants.

5.2 Advantages and disadvantages of simple tables.

Advantages -Columns may resize automatically, ensuring that the table always fills varied screen widths.
-The use of cell borders and backdrop colors might improve readability.
Disadvantages -On smaller displays, you can only fit a certain number of columns before the table width
causes horizontal scrolling.
- Reducing the width of columns to avoid horizontal scrolling reduces the legibility of text in cells since a
paragraph is piled into one or two words per line.
- The page size is increased when compared to the same material provided without a table. -Page
rendering has been delayed.
5.3. Advantages and disadvantages of pie charts.

Advantages
- A straightforward and basic image. It graphically depicts facts as a fraction of a total, which may be an
effective communication tool for even the most uneducated audience.
- It allows the audience to examine a data comparison immediately to perform an immediate analysis or
swiftly comprehend information.
- Using this graphic eliminates the necessity for readers to analyze or measure underlying statistics.
Disadvantages
- They may become cluttered and difficult to understand if there are too many bits of data, and adding
data labels and numbers may not assist this. Because this chart only depicts one data set, a series is
required to compare other sets.
- Decisions focused on aesthetic impact rather than data analysis led to readers drawing incorrect
conclusions.
5.5. Advantages and disadvantages of histograms.

Advantage
- Histograms can graphically depict enormous amounts of data that are difficult to convey in tabular form.
- Very handy for displaying data dispersion. Histograms can be used to calculate the mean, distribution,
and variance of data.
- Looking at the histogram teaches us about data variance. Furthermore, these charts assist in
anticipating how the process will evolve in the future.
Disadvantage
- Only continuous data may be plotted. When comparing two data types, there are better choices than
this chart type. The precise value of the data is not utilized for charting since the data is always
aggregated or classed.
- The histogram's precise input cannot be recovered until it is shown in a frequency distribution. A
histogram is a graphic that may be readily manipulated to get the desired result. When constructing a
graph, timing disparities between data points might sometimes be overlooked. They may be more useful
for comparing diverse data sets in groups.
- Data is categorized, making it hard to interpret exact quantities. It is more difficult to compare two
datasets. Only applies to continuous data. Intervals are employed, which prevents a precise assessment
of the central trend.

VI. Use two different visual representations to describe this variable - Evaluate the appropriateness of
the above visual rep.

Statistics
Job Satisfaction
N Valid 200
Missing 0
Mean 132.17
Median 131.00
Mode 126
Std. Deviation 29.319
Variance 859.596
Kurtosis -.417
Std. Error of Kurtosis .342
Range 142
Minimum 65
Maximum 207
We shall know the variable's value range through the minimum/maximum value based on the average
statistical findings. Based on this, we will determine whether that value range is appropriate for the topic
of the study. The average statistical job satisfaction level of this study is 132.17, according to the survey.
We are aware that there is an issue with our data that needs to be evaluated and remedied. Mean
means indicates how distant the variable's mean is from the lowest and maximum limits.
The standard deviation (SD) is a metric that measures the dispersion of a data collection around a mean
(Mean). The standard deviation is commonly indicated as S.D. or Std. Deviation in statistical software.
When running descriptive statistics, the standard deviation value is frequently displayed in the result
table.
First, we must comprehend the concept of standard deviation. The standard deviation is computed by
calculating the square root of the variance; it indicates the range of data around the mean. The scatter
plot displaying the value points will scatter away if the standard deviation is high, if the standard
deviation is low, the value points will be clustered around the mean. The standard deviation in this study
is 29,319. If CV > 1, the standard deviation is more than the mean, indicating that the data fluctuates
substantially, as does the number of respondents in that variable. Surveyors are mainly concerned with
job satisfaction, as job discontent results in a high standard deviation.

The frequency distribution of multiple data points in a variable is represented by a histogram. The
histogram, on the other hand, does not measure fixed data points. Instead, the data is divided into tiny,
distinct ranges of values, and the number of data points corresponding to each interval is counted.
The horizontal axis on the Histogram displays the value range, while the vertical axis counts the data
points (or the frequency of occurrence of values matching to each value range). Depending on the data
you wish to evaluate, the width of the range of values might vary.

Sig's t-test of Job Satisfaction is equal to 0.000 > 0.00, rejecting the hypothesis H0, that is, the mean
value of Job Satisfaction differs from 132.17 in a statistically significant way. Respondents are not
satisfied with the job factor.

VII. Conclusion.

Finally, after doing your investigation, examine and analyze the qualitative and quantitative raw business
data from various situations using the relevant statistical methods. Use a variety of statistical techniques
to compare and contrast quality, inventory management, and business planning capabilities with the use
of descriptive statistics, inferential statistics, and associated metrics. increase knowledge of statistical
techniques and how to use them in the business.

VIII. Reference.

Vadja, n.d. Descriptive Statistics. [Online] Available at: https://www.wallstreetmojo.com/descriptive-

statistics/ [Accessed 19 August 2023]
Hayes, 2023. What Is Variance in Statistics? Definition, Formula, and Example. [Online] Available at:
https://www.investopedia.com/terms/v/variance.asp [Accessed 19 August 2023]

Hargrave, 2023. Standard Deviation Formula and Uses vs. Variance. [Online] Available at:
https://www.investopedia.com/terms/s/standarddeviation.asp [Accessed 19 August 2023]
Hayes, 2022. Poisson Distribution Formula and Meaning in Finance. [Online] Available at:
https://www.investopedia.com/terms/p/poisson-distribution.asp [Accessed 20 August 2023]
Kumar, 2022. One Sample T-test: Formula & Examples. [Online] Available at: https://vitalflux.com/one-
sample-t-test-formula-examples/ [Accessed 20 August 2023]
Awati, 2022. normal distribution. [Online] Available at:
https://www.techtarget.com/whatis/definition/normal-distribution. [Accessed 21 August 2023]
Sakovich, 2023. What Are the Estimation Techniques in Software Testing?. [Online] Available at:
https://www.sam-solutions.com/blog/what-are-the-estimation-techniques-in-software-testing/
[Accessed 21 August 2023]

Majaski, 2023. Hypothesis to Be Tested: Definition and 4 Steps for Testing with Example. [Online]
Available at: https://www.investopedia.com/terms/h/hypothesistesting.asp [Accessed 21 August 2023]