QuantPrep
DashboardLearning PathsAdvanced StatisticsStatistical TestsCommunityAll Topics
Login
QuantPrep

© 2025 QuantfianceLab. All rights reserved.

Privacy PolicyTerms of ServiceContact
TwitterGitHubLinkedIn

    Hypothesis Testing & P-Values

    The detective work of data science: making decisions under uncertainty.

    The Core Idea: What is Hypothesis Testing?

    Think of hypothesis testing as being a data detective. You start with a default assumption, the Null Hypothesis (H₀), which states there is no effect or no difference (e.g., "a new drug has no effect"). Then, you gather evidence (your sample data) to see if you have enough proof to reject that default assumption in favor of an alternative, the Alternative Hypothesis (H₁) (e.g., "the new drug has an effect").

    The p-value is the crucial piece of evidence. It's the probability of observing your data (or something even more extreme) if the null hypothesis were actually true. A small p-value (typically < 0.05) suggests that your observed data is very unlikely under the null hypothesis, giving you a reason to reject it.

    The Two Paths: Parametric vs. Non-Parametric

    The type of data you have determines the statistical test you can use. The main fork in the road is between parametric and non-parametric tests.

    👨‍🍳 Parametric Tests
    The Professional Chef: Assumes ingredients (data) meet certain standards (e.g., normal distribution). Precise and powerful when assumptions are met.
    • T-Test

      Compares the means of two groups, assuming normal distribution.

    • Z-Test

      Compares means of large samples (n>30) with known population variance.

    • ANOVA

      Compares the averages of three or more groups.

    • F-Test

      Compares the variances (spread) of two or more groups.

    • Pearson Correlation

      Measures the linear relationship between two continuous variables.

    🏕️ Non-Parametric Tests
    The Campfire Cook: Makes no strict assumptions about ingredients. More flexible and robust, especially with unusual, ranked, or non-normal data.
    • Chi-Squared Test

      Analyzes categorical data to find significant relationships.

    • Mann-Whitney U Test

      Alternative to the T-Test when data is not normally distributed.

    • Kruskal-Wallis Test

      Alternative to ANOVA for comparing three or more groups.

    • Wilcoxon Signed-Rank Test

      Alternative to the paired T-Test for repeated measurements.

    • Spearman's Rank Correlation

      Measures the monotonic relationship between two ranked variables.

    • Friedman Test

      The non-parametric alternative to a repeated-measures ANOVA.

    • Kolmogorov-Smirnov (K-S) Test

      Tests if a sample is drawn from a specific distribution.