Policy Analysis- Risk Assessment
Whenever you propose a policy plan or action, you must take into account the potential risks of implementing that plan so that your team can be prepared to face those risks. That’s where risk assessment plays an important role. There are several systematic methods and tools for risk assessment. We will cover three main methods namely preliminary risk assessment, failure mode effects analysis and fault tree analysis.
Decision Analysis & Modeling- Z test vs T test
Statistics- Introduction to z test
One of the most simple forms of hypothesis testing is the one sample z test. This test is used to understand whether the given sample comes from a particular population. It is only used to test the sample mean.
Statistics- Introduction to t test
Statistics- Difference Between z-statistic and t-statistic
Now let us look at another very commonly used test- the one sample t-test. One sample t-test is used to examine the mean difference between the sample and the known value of the population mean.
The main difference between z and t test is that z test is done when the population standard deviation is known and t test is done when the population standard deviation is not known.