I was wondering if it is possible to apply the method of hypothesis testing to real life. For example if someone can use it for decision making. I have always used this method for homework problems but maybe we can use this method as an aid in decision making. Therefore we could somehow know for example the probability of rejecting wrongly an alternative decision. What do you think on that? And it would be nice if someone can give an example if he thinks that this can be done.

  • $\begingroup$ What do you mean by apply to real life? Do you mean science, or technical stuff, or everyday life decisions, or business & administration? $\endgroup$ – user31264 Oct 14 '13 at 2:26
  • $\begingroup$ I mean mainly everyday life decisions. Lets say "Should I buy this","Should I go there", "Should I do this". In this case I suppose the model would be made from "experience" data, that is data coming from previous experience or knowledge from other sources. I think the problem here would be to quantify this and put it into a mathematical perspective. Because decision taking is often influenced by many factors which we do not want or are aware maybe this mathematical approach would be helpful. My question was marked as duplicate but I think it is not answered in the other question page. $\endgroup$ – SKY Oct 24 '13 at 19:57