I need an explanation for this Statistics question to help me study.
Prepare a document null and alternative hypotheses for a decision that is relevant to your personal or professional life. Remember in hypothesis testing the “equals” part corresponds to the null hypothesis, so you can have less than or equal to, greater than or equal to, or just equal to when defining the null hypothesis. The alternative hypothesis will then be either greater than, less than, or not equal to in relation to the above null criteria. See below for how it looks symbolically for the three possible setups.
I. H0: μ ≥ μ0; Ha: μ < μ0
II. H0: μ ≤ μ0; Ha: μ > μ0
III. H0: μ = μ0; Ha: μ ≠ μ0
Note that a hypothesis test really needs to be set up to be testable, so be sure to have it presented in that manner where you are testing the μ0 value. Additionally, identify the Type I and Type II errors that could occur with your decision‐making process.
Your document should be minimum 400 words. Please have credible resources.