Statistics is a significant part of the business and financial world. This data interpretation methodology is used for numerous purposes like classification, collecting, analyzing the information, and more. The statistic is a powerful tool for economists, researchers, and accountants to tackle business, economical, and research problems.
If you are a student looking to build a career as an economist or business developer, having a strong understanding of statistics equations is quite essential for you. Taking the help of online statistic calculators can offer you excellent support to learn and solve your numerical problems quickly.
Here we are sharing a brief guide on finding one sample student T-test calculator:
What is one sample T-test?
One sample T-test is also known as a single sample T-test. This test is used to compare the Mean of one sample scores with the known or hypothetical population mean. In simple words, one-sample t-Test compares Mean of your sample data to a previously known value. For example, a business wishes to progress its sales. As per the last year’s data, its average sale is $200 per transaction. On implementing all the improvement strategies, the latest sales data is taken from the 15 different salespersons shows an average sale of $280 with a standard deviation of $20. Did the new strategies work? (The hypothesis at a 5% alpha level)
To find the solution of your single sample T-test on the calculator, you need to ensure that:
- The sample data is normally distributed
- A random sample from a defined or known population
- Scale values should be in interval or ratio
The test statistic is calculated as:
x bar = sample mean
S = sample variance
n = sample size
ยต = specified population mean
t = Student t quantile with n-1 degrees of freedom.
To find the one sample students T-test through the online calculator, you need to fill the values step by step, and the calculator site will offer you the immediate result.
However, make sure to choose an online calculator that includes the latest equation and follow a step by step solving procedure, which is easy to understand.
