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In entrepreneurial setting, a hypothesis is used to formulate provisional ideas about the attributes of products or business models. The formulated hypothesis is then evaluated, where the hypothesis is proven to be either "true" or "false" through a verifiability- or falsifiability-oriented experiment. [11] [12]
In more detail: the scientific method involves making conjectures (hypothetical explanations), predicting the logical consequences of hypothesis, then carrying out experiments or empirical observations based on those predictions. [4] A hypothesis is a conjecture based on knowledge obtained while seeking answers to the question.
A thought experiment is a hypothetical situation in which a hypothesis, theory, [a] or principle is laid out for the purpose of thinking through its consequences. The concept is also referred to using the German-language term Gedankenexperiment within the work of the physicist Ernst Mach [ 2 ] and includes thoughts about what may have occurred ...
The use of a sequence of experiments, where the design of each may depend on the results of previous experiments, including the possible decision to stop experimenting, is within the scope of sequential analysis, a field that was pioneered [12] by Abraham Wald in the context of sequential tests of statistical hypotheses. [13]
When a hypothesis has survived a sufficient number of tests, it may be promoted to a scientific theory. A theory is a hypothesis that has survived many tests and seems to be consistent with other established scientific theories. Since a theory is a promoted hypothesis, it is of the same 'logical' species and shares the same logical limitations.
The scientific method involves the proposal and testing of hypotheses, by deriving predictions from the hypotheses about the results of future experiments, then performing those experiments to see whether the predictions are valid. This provides evidence either for or against the hypothesis.
When the null hypothesis is predicted by theory, a more precise experiment will be a more severe test of the underlying theory. When the null hypothesis defaults to "no difference" or "no effect", a more precise experiment is a less severe test of the theory that motivated performing the experiment. [4]
The Design of Experiments is a 1935 book by the English statistician Ronald Fisher about the design of experiments and is considered a foundational work in experimental design. [ 2 ] [ 3 ] [ 4 ] Among other contributions, the book introduced the concept of the null hypothesis in the context of the lady tasting tea experiment. [ 5 ]