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the<00:00:07.459> market<00:00:07.790> for<00:00:07.939> hotels<00:00:08.360> and<00:00:08.540> hospitality<00:00:09.080> is
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the market for hotels and hospitality is
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the market for hotels and hospitality is
a<00:00:09.620> very<00:00:10.010> fluid<00:00:10.250> one<00:00:10.580> I'm<00:00:10.790> very<00:00:11.269> competitive
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a very fluid one I'm very competitive
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a very fluid one I'm very competitive
offering<00:00:13.099> consumers<00:00:13.400> a<00:00:13.610> wide<00:00:13.940> choice<00:00:14.360> right
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offering consumers a wide choice right
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offering consumers a wide choice right
from<00:00:15.349> speciality<00:00:16.160> historic<00:00:16.640> Inns<00:00:17.290> luxury
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from speciality historic Inns luxury
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from speciality historic Inns luxury
hotels<00:00:18.820> down<00:00:19.820> to<00:00:20.029> more<00:00:20.180> modest<00:00:20.570> accommodation
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hotels down to more modest accommodation
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hotels down to more modest accommodation
the<00:00:23.570> market<00:00:23.899> is<00:00:23.989> competitive<00:00:24.349> BAPS<00:00:25.070> for<00:00:25.369> two
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the market is competitive BAPS for two
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the market is competitive BAPS for two
main<00:00:25.790> reasons
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main reasons
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main reasons
first<00:00:27.619> consumers<00:00:28.130> have<00:00:28.279> access<00:00:28.700> to<00:00:28.880> good
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first consumers have access to good
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first consumers have access to good
information<00:00:29.329> on<00:00:29.960> prices<00:00:30.770> services<00:00:31.610> and
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information on prices services and
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information on prices services and
quality<00:00:32.090> and<00:00:32.509> second<00:00:33.469> there<00:00:33.590> are<00:00:33.680> few
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quality and second there are few
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quality and second there are few
barriers<00:00:34.250> to<00:00:34.489> entry<00:00:34.789> it's<00:00:35.359> relatively<00:00:35.899> easy
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barriers to entry it's relatively easy
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barriers to entry it's relatively easy
to<00:00:36.500> build<00:00:36.769> a<00:00:36.949> new<00:00:37.160> hotel<00:00:39.429> so<00:00:40.429> how<00:00:40.609> can<00:00:40.670> the
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to build a new hotel so how can the
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to build a new hotel so how can the
hotel<00:00:41.329> remain<00:00:41.719> competitive<00:00:42.140> and<00:00:42.559> profitable
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hotel remain competitive and profitable
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hotel remain competitive and profitable
given<00:00:43.879> so<00:00:44.089> much<00:00:44.269> competition<00:00:45.160> well<00:00:46.160> they<00:00:46.249> can
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given so much competition well they can
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given so much competition well they can
compete<00:00:46.999> successfully<00:00:47.920> provided<00:00:48.920> they<00:00:49.039> make
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compete successfully provided they make
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compete successfully provided they make
the<00:00:49.399> right<00:00:49.609> decisions<00:00:50.269> about<00:00:50.449> their<00:00:50.809> products
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the right decisions about their products
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the right decisions about their products
their<00:00:51.829> investment<00:00:52.519> and<00:00:52.670> their<00:00:53.120> pricing<00:00:55.030> one
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their investment and their pricing one
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their investment and their pricing one
of<00:00:56.120> the<00:00:56.210> ways<00:00:56.359> in<00:00:56.539> which<00:00:56.569> businesses<00:00:57.170> make
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of the ways in which businesses make
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of the ways in which businesses make
good<00:00:57.649> decisions<00:00:58.100> is<00:00:58.280> by<00:00:58.940> using<00:00:59.269> the<00:00:59.539> knowledge
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good decisions is by using the knowledge
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good decisions is by using the knowledge
that<00:01:00.109> they've<00:01:00.260> gained<00:01:00.530> from<00:01:00.739> their<00:01:00.949> customers
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that they've gained from their customers
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that they've gained from their customers
and<00:01:01.989> using<00:01:02.989> it<00:01:03.109> often<00:01:03.289> with<00:01:04.100> hypothesis
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and using it often with hypothesis
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and using it often with hypothesis
testing<00:01:05.269> a<00:01:06.640> hotel<00:01:07.640> may<00:01:07.850> have<00:01:08.030> a<00:01:08.060> hunch<00:01:08.360> a<00:01:08.630> gut
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testing a hotel may have a hunch a gut
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testing a hotel may have a hunch a gut
feeling<00:01:09.260> that<00:01:09.800> an<00:01:09.950> investment<00:01:10.550> in<00:01:10.670> new
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feeling that an investment in new
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feeling that an investment in new
facilities<00:01:10.970> will<00:01:11.600> enhance<00:01:12.230> revenue<00:01:12.830> and
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facilities will enhance revenue and
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facilities will enhance revenue and
profit<00:01:13.480> but<00:01:14.480> are<00:01:14.660> they<00:01:14.840> right<00:01:15.140> but<00:01:15.950> I've<00:01:16.010> seen
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profit but are they right but I've seen
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profit but are they right but I've seen
so<00:01:16.580> many<00:01:16.760> people<00:01:17.380> have<00:01:18.380> great<00:01:18.530> ideas<00:01:18.800> but<00:01:19.460> then
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so many people have great ideas but then
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so many people have great ideas but then
they<00:01:20.150> need<00:01:20.330> maybe<00:01:20.930> some<00:01:21.050> evidence<00:01:21.590> to<00:01:21.920> justify
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they need maybe some evidence to justify
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they need maybe some evidence to justify
a<00:01:22.400> business<00:01:22.790> case<00:01:23.000> or<00:01:23.390> they've<00:01:24.110> got<00:01:24.290> a<00:01:24.320> gut
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a business case or they've got a gut
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a business case or they've got a gut
feel<00:01:24.890> of<00:01:25.130> something<00:01:25.580> they<00:01:25.820> know<00:01:25.970> to<00:01:26.030> be<00:01:26.150> true
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feel of something they know to be true
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feel of something they know to be true
but<00:01:26.870> if<00:01:26.960> they<00:01:27.110> want<00:01:27.320> to<00:01:27.470> persuade<00:01:27.920> someone
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but if they want to persuade someone
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but if they want to persuade someone
else<00:01:28.550> maybe<00:01:29.030> they<00:01:29.240> need<00:01:29.360> to<00:01:29.390> quantify<00:01:30.010> so<00:01:31.010> for
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else maybe they need to quantify so for
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else maybe they need to quantify so for
example<00:01:31.880> we<00:01:32.260> deal<00:01:33.260> with<00:01:33.290> clients<00:01:33.890> every<00:01:34.190> day
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example we deal with clients every day
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example we deal with clients every day
who<00:01:34.640> wants<00:01:34.880> to<00:01:34.940> improve<00:01:35.330> their<00:01:35.390> customers
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who wants to improve their customers
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who wants to improve their customers
experiences<00:01:36.800> in<00:01:37.070> their<00:01:37.250> hotel<00:01:37.670> or<00:01:37.910> in<00:01:37.940> their
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experiences in their hotel or in their
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experiences in their hotel or in their
car<00:01:38.360> dealership<00:01:38.930> and<00:01:39.200> it<00:01:39.980> makes<00:01:40.160> sense<00:01:40.340> to
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car dealership and it makes sense to
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car dealership and it makes sense to
improve<00:01:40.880> those<00:01:41.120> customer<00:01:41.570> experiences
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improve those customer experiences
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improve those customer experiences
because<00:01:42.560> you're<00:01:42.770> expecting<00:01:43.310> the<00:01:43.430> client<00:01:43.790> to
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because you're expecting the client to
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because you're expecting the client to
that<00:01:44.240> the<00:01:44.360> customer<00:01:44.780> to<00:01:44.990> be<00:01:45.110> more<00:01:45.290> loyal<00:01:45.560> to
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that the customer to be more loyal to
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that the customer to be more loyal to
recommend<00:01:46.670> you<00:01:46.790> more<00:01:47.000> and<00:01:47.210> as<00:01:47.720> a<00:01:47.780> consequence
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recommend you more and as a consequence
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recommend you more and as a consequence
you'll<00:01:48.410> grow<00:01:48.530> your<00:01:48.710> business<00:01:49.070> it<00:01:50.060> makes
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you'll grow your business it makes
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you'll grow your business it makes
intuitive<00:01:50.630> sense<00:01:50.840> that<00:01:51.380> if<00:01:51.500> we<00:01:51.650> can<00:01:51.800> improve
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intuitive sense that if we can improve
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intuitive sense that if we can improve
customer<00:01:52.580> experiences<00:01:53.210> we're<00:01:53.840> going<00:01:53.990> to
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customer experiences we're going to
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customer experiences we're going to
improve<00:01:54.410> profitability<00:01:55.150> that<00:01:56.150> makes<00:01:56.390> sense
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improve profitability that makes sense
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improve profitability that makes sense
everyone<00:01:57.140> feels<00:01:57.410> that<00:01:57.530> to<00:01:57.800> be<00:01:57.890> true<00:01:58.160> if<00:01:59.150> you're
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everyone feels that to be true if you're
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everyone feels that to be true if you're
going<00:01:59.570> to<00:01:59.720> make<00:01:59.900> an<00:02:00.050> investment<00:02:00.530> strategy
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going to make an investment strategy
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going to make an investment strategy
based<00:02:01.190> on<00:02:01.430> that<00:02:01.610> it<00:02:02.450> makes<00:02:02.750> sense<00:02:02.960> to<00:02:03.110> be<00:02:03.200> able
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based on that it makes sense to be able
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based on that it makes sense to be able
to<00:02:03.470> prove<00:02:03.680> it<00:02:03.860> in<00:02:04.040> a<00:02:04.130> more<00:02:04.280> quantitative<00:02:04.700> way
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to prove it in a more quantitative way
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to prove it in a more quantitative way
you<00:02:06.620> find<00:02:06.830> Best<00:02:07.100> Western<00:02:07.490> hotels<00:02:07.940> all<00:02:08.179> over
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you find Best Western hotels all over
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you find Best Western hotels all over
the<00:02:08.539> world<00:02:09.249> the<00:02:10.249> hotels<00:02:10.609> are<00:02:10.789> independently
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the world the hotels are independently
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the world the hotels are independently
owned<00:02:11.719> best<00:02:12.230> Western<00:02:12.709> is<00:02:13.040> a<00:02:13.099> franchise
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one<00:02:17.190> of<00:02:17.280> these<00:02:17.430> independent<00:02:18.090> hotels<00:02:18.480> is<00:02:19.020> the
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one of these independent hotels is the
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one of these independent hotels is the
boulder<00:02:19.740> in<00:02:20.570> we<00:02:21.570> compete<00:02:21.930> with<00:02:22.050> the<00:02:22.200> other
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boulder in we compete with the other
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boulder in we compete with the other
triple<00:02:22.710> a<00:02:22.830> three<00:02:23.130> diamond<00:02:23.720> business<00:02:24.720> oriented
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triple a three diamond business oriented
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triple a three diamond business oriented
hotels<00:02:25.590> a<00:02:25.890> bulk<00:02:26.700> of<00:02:26.850> our<00:02:27.030> customers<00:02:27.540> are
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hotels a bulk of our customers are
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hotels a bulk of our customers are
repeat<00:02:27.960> guests<00:02:28.740> and<00:02:29.580> that<00:02:29.730> has<00:02:29.910> everything<00:02:30.090> to
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repeat guests and that has everything to
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repeat guests and that has everything to
do<00:02:30.570> with<00:02:30.600> customer<00:02:31.080> service<00:02:31.700> they've<00:02:32.700> got<00:02:32.910> a
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do with customer service they've got a
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do with customer service they've got a
chain<00:02:33.630> of<00:02:33.990> a<00:02:34.590> couple<00:02:35.340> of<00:02:35.370> hundred<00:02:35.520> hotels<00:02:36.150> in
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chain of a couple of hundred hotels in
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chain of a couple of hundred hotels in
the<00:02:36.510> UK<00:02:36.900> they<00:02:37.380> have<00:02:37.410> a<00:02:37.560> thousand<00:02:38.070> or<00:02:38.220> so<00:02:38.250> in<00:02:38.610> the
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the UK they have a thousand or so in the
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the UK they have a thousand or so in the
US<00:02:39.180> they've<00:02:39.900> got<00:02:40.080> hotels<00:02:40.500> all<00:02:40.800> around<00:02:40.830> the
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US they've got hotels all around the
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US they've got hotels all around the
globe<00:02:42.380> if<00:02:43.380> you're<00:02:43.680> going<00:02:43.920> to<00:02:44.130> upgrade<00:02:44.340> your
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globe if you're going to upgrade your
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globe if you're going to upgrade your
hotels<00:02:45.270> make<00:02:45.930> some<00:02:46.110> investments<00:02:46.770> to<00:02:47.040> improve
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hotels make some investments to improve
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hotels make some investments to improve
room<00:02:47.880> facilities<00:02:48.510> or<00:02:48.930> even<00:02:49.230> the<00:02:49.440> building
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room facilities or even the building
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room facilities or even the building
facilities<00:02:50.610> themselves<00:02:51.350> where<00:02:52.350> would<00:02:52.500> you
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facilities themselves where would you
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facilities themselves where would you
put<00:02:52.740> your<00:02:52.800> investments<00:02:53.630> in<00:02:54.630> order<00:02:54.900> to<00:02:55.020> improve
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put your investments in order to improve
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put your investments in order to improve
their<00:02:55.560> competitiveness<00:02:56.160> they<00:02:56.880> commissioned
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their competitiveness they commissioned
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their competitiveness they commissioned
research<00:02:57.420> from<00:02:57.930> merits<00:02:58.320> to<00:02:58.800> determine<00:02:59.340> what
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research from merits to determine what
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research from merits to determine what
areas<00:03:00.060> of<00:03:00.240> investment<00:03:00.720> would<00:03:01.080> yield<00:03:01.290> the
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areas of investment would yield the
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areas of investment would yield the
greatest<00:03:01.550> competitive<00:03:02.550> improvement<00:03:03.920> merits
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greatest competitive improvement merits
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greatest competitive improvement merits
is<00:03:05.070> a<00:03:05.100> global<00:03:05.550> research<00:03:05.850> company<00:03:06.360> that<00:03:06.510> works
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is a global research company that works
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is a global research company that works
with<00:03:06.990> clients<00:03:07.260> in<00:03:07.590> many<00:03:07.770> industries<00:03:08.390> clients
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with clients in many industries clients
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with clients in many industries clients
often<00:03:09.630> come<00:03:09.840> to<00:03:09.870> merits<00:03:10.350> with<00:03:10.530> a<00:03:10.560> hypothesis
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often come to merits with a hypothesis
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often come to merits with a hypothesis
something<00:03:12.240> which<00:03:12.390> they<00:03:12.570> believe<00:03:13.050> to<00:03:13.080> be<00:03:13.440> true
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something which they believe to be true
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something which they believe to be true
we<00:03:14.970> want<00:03:15.240> you<00:03:15.390> to<00:03:15.540> talk<00:03:15.810> to<00:03:16.140> this<00:03:16.260> lot<00:03:16.820> and<00:03:17.820> find
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we want you to talk to this lot and find
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we want you to talk to this lot and find
out<00:03:18.600> why<00:03:18.810> there<00:03:19.050> but<00:03:19.170> in<00:03:19.260> order<00:03:19.470> to<00:03:19.620> make
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out why there but in order to make
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out why there but in order to make
informed<00:03:19.950> decisions<00:03:20.570> they<00:03:21.570> need<00:03:21.750> some
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informed decisions they need some
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informed decisions they need some
tangible<00:03:22.500> evidence<00:03:23.330> most<00:03:24.330> clients<00:03:24.630> are<00:03:24.840> doing
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tangible evidence most clients are doing
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tangible evidence most clients are doing
research<00:03:25.230> to<00:03:25.680> prove<00:03:25.890> something<00:03:26.330> they<00:03:27.330> have<00:03:27.690> a
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research to prove something they have a
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research to prove something they have a
gut<00:03:28.080> feel<00:03:28.380> about<00:03:29.070> a<00:03:29.130> relationship<00:03:29.910> and<00:03:30.150> they
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gut feel about a relationship and they
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gut feel about a relationship and they
want<00:03:30.390> to<00:03:30.480> demonstrate<00:03:30.930> that<00:03:31.050> that's
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want to demonstrate that that's
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want to demonstrate that that's
happening<00:03:31.700> they<00:03:32.700> are<00:03:33.030> validating<00:03:33.630> some
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happening they are validating some
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happening they are validating some
assumptions<00:03:34.650> some<00:03:34.950> hypotheses<00:03:35.640> so<00:03:36.230> merits
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assumptions some hypotheses so merits
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assumptions some hypotheses so merits
begins<00:03:37.590> with<00:03:37.800> a<00:03:37.830> client's<00:03:38.310> hypothesis<00:03:39.000> and<00:03:39.810> an
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begins with a client's hypothesis and an
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begins with a client's hypothesis and an
alternative<00:03:40.920> hypothesis<00:03:41.960> for<00:03:42.960> instance<00:03:43.290> the
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alternative hypothesis for instance the
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alternative hypothesis for instance the
client<00:03:43.800> may<00:03:43.890> believe<00:03:44.220> that<00:03:44.430> investing
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client may believe that investing
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client may believe that investing
enhancements<00:03:46.020> to<00:03:46.200> the<00:03:46.320> room<00:03:46.590> linens
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enhancements to the room linens
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enhancements to the room linens
flat-screen<00:03:48.300> TVs<00:03:48.920> bathroom<00:03:49.920> fixtures<00:03:50.490> or
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flat-screen TVs bathroom fixtures or
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flat-screen TVs bathroom fixtures or
facilities<00:03:51.210> will<00:03:51.780> enhance<00:03:52.140> the
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facilities will enhance the
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facilities will enhance the
competitiveness<00:03:52.620> of<00:03:53.310> the<00:03:53.370> hotel<00:03:54.020> but<00:03:55.020> will<00:03:55.320> it
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competitiveness of the hotel but will it
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competitiveness of the hotel but will it
result<00:03:55.650> in<00:03:55.980> increased<00:03:56.490> revenues<00:03:56.970> and<00:03:57.180> profits
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result in increased revenues and profits
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result in increased revenues and profits
yes<00:03:58.530> we<00:03:58.710> understand<00:03:59.130> that<00:03:59.310> people<00:03:59.670> want<00:03:59.850> this
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yes we understand that people want this
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yes we understand that people want this
and<00:04:00.720> they<00:04:01.050> want<00:04:01.230> that<00:04:01.440> and<00:04:01.590> they<00:04:01.680> want<00:04:01.860> this
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and they want that and they want this
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and they want that and they want this
what<00:04:02.190> is<00:04:02.310> going<00:04:02.460> to<00:04:02.520> really<00:04:02.730> help<00:04:02.970> drive
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what is going to really help drive
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what is going to really help drive
additional<00:04:04.410> hotel<00:04:04.800> sales<00:04:05.040> the<00:04:06.030> hypothesis
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additional hotel sales the hypothesis
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additional hotel sales the hypothesis
would<00:04:06.780> be<00:04:06.840> that<00:04:07.500> such<00:04:07.710> enhancements<00:04:08.430> will<00:04:08.550> do
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would be that such enhancements will do
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would be that such enhancements will do
so<00:04:09.260> the<00:04:10.260> alternative<00:04:10.920> hypothesis<00:04:11.610> is<00:04:11.820> that
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so the alternative hypothesis is that
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so the alternative hypothesis is that
investment<00:04:12.720> may<00:04:12.959> enhance<00:04:13.290> the<00:04:13.590> customers
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investment may enhance the customers
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investment may enhance the customers
experience<00:04:14.640> but<00:04:15.270> insufficiently<00:04:16.260> to<00:04:16.799> enhance
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experience but insufficiently to enhance
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experience but insufficiently to enhance
revenues<00:04:17.760> and<00:04:17.970> profits<00:04:18.890> when<00:04:19.890> we<00:04:20.010> have<00:04:20.190> our
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revenues and profits when we have our
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revenues and profits when we have our
hypothesis<00:04:21.030> the<00:04:21.930> one<00:04:22.109> we<00:04:22.290> think<00:04:22.590> is<00:04:22.800> correct
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hypothesis the one we think is correct
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hypothesis the one we think is correct
the
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the
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the
now<00:04:24.349> hypothesis<00:04:25.280> as<00:04:25.490> it's<00:04:25.729> called<00:04:25.940> and<00:04:26.210> our
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now hypothesis as it's called and our
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now hypothesis as it's called and our
alternative<00:04:27.860> hypothesis<00:04:28.900> how<00:04:29.900> can<00:04:30.169> we<00:04:30.319> test
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alternative hypothesis how can we test
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alternative hypothesis how can we test
which<00:04:31.099> is<00:04:31.280> correct
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which is correct
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which is correct
this<00:04:33.020> is<00:04:33.169> Alcatraz<00:04:33.710> where<00:04:34.370> they<00:04:34.460> kept<00:04:34.669> some<00:04:34.849> of
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this is Alcatraz where they kept some of
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this is Alcatraz where they kept some of
the<00:04:35.030> most<00:04:35.210> notorious<00:04:35.870> criminals<00:04:35.900> in<00:04:36.590> the<00:04:36.740> US
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the most notorious criminals in the US
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the most notorious criminals in the US
until<00:04:37.909> the<00:04:38.030> 1960s<00:04:39.610> that's<00:04:40.610> a<00:04:40.729> principle<00:04:41.000> of
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until the 1960s that's a principle of
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until the 1960s that's a principle of
justice<00:04:41.919> that<00:04:42.919> if<00:04:43.039> someone<00:04:43.460> is<00:04:43.639> on<00:04:43.849> trial
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justice that if someone is on trial
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justice that if someone is on trial
they're<00:04:45.349> presumed<00:04:45.919> to<00:04:46.069> be<00:04:46.280> innocent<00:04:46.699> until
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they're presumed to be innocent until
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they're presumed to be innocent until
they're<00:04:48.289> proved<00:04:48.530> guilty<00:04:49.900> so<00:04:50.900> we<00:04:51.020> have<00:04:51.169> a
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they're proved guilty so we have a
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they're proved guilty so we have a
hypothesis<00:04:51.889> that<00:04:52.250> says<00:04:52.550> this<00:04:53.419> man<00:04:53.629> is
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hypothesis that says this man is
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hypothesis that says this man is
innocent<00:04:54.819> unless<00:04:55.819> there's<00:04:56.449> so<00:04:56.659> much<00:04:56.810> evidence
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innocent unless there's so much evidence
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innocent unless there's so much evidence
against<00:04:57.800> him<00:04:57.979> that<00:04:58.580> we<00:04:58.759> change<00:04:59.629> our<00:05:00.050> view<00:05:00.349> and
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against him that we change our view and
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against him that we change our view and
say<00:05:01.030> after<00:05:02.030> all<00:05:02.150> he's<00:05:02.360> guilty<00:05:03.550> now<00:05:04.550> this<00:05:04.699> is
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say after all he's guilty now this is
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say after all he's guilty now this is
the<00:05:04.909> principle<00:05:05.449> that<00:05:05.539> we<00:05:05.690> use<00:05:05.719> for<00:05:06.199> hypothesis
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the principle that we use for hypothesis
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the principle that we use for hypothesis
testing<00:05:06.969> we<00:05:07.969> set<00:05:08.270> up<00:05:08.300> a<00:05:08.719> hypothesis<00:05:09.590> and<00:05:10.360> we
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testing we set up a hypothesis and we
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testing we set up a hypothesis and we
accept<00:05:11.930> that<00:05:12.020> hypothesis<00:05:12.889> until<00:05:13.759> the
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accept that hypothesis until the
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accept that hypothesis until the
evidence<00:05:14.120> against<00:05:15.050> it<00:05:15.169> becomes<00:05:15.620> so
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evidence against it becomes so
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evidence against it becomes so
overwhelming<00:05:16.069> that<00:05:16.819> we<00:05:17.300> have<00:05:17.479> to<00:05:17.629> reject<00:05:18.020> it
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overwhelming that we have to reject it
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overwhelming that we have to reject it
and<00:05:20.090> we're<00:05:20.240> trying<00:05:20.360> to<00:05:20.569> avoid<00:05:20.840> two<00:05:21.110> problems
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and we're trying to avoid two problems
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and we're trying to avoid two problems
we're<00:05:22.460> trying<00:05:22.699> to<00:05:22.789> avoid<00:05:23.060> a<00:05:23.120> situation<00:05:23.419> in
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we're trying to avoid a situation in
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we're trying to avoid a situation in
which<00:05:24.259> we<00:05:24.680> reject<00:05:25.580> the<00:05:25.759> hypothesis<00:05:26.539> when<00:05:27.409> it's
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which we reject the hypothesis when it's
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which we reject the hypothesis when it's
actually<00:05:27.740> correct<00:05:29.080> we<00:05:30.080> accept<00:05:30.919> the
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actually correct we accept the
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actually correct we accept the
hypothesis<00:05:31.819> what<00:05:32.509> is<00:05:32.630> incorrect
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hypothesis what is incorrect
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hypothesis what is incorrect
if<00:05:34.610> you<00:05:34.789> like<00:05:35.000> what<00:05:35.750> we're<00:05:35.870> trying<00:05:36.050> to<00:05:36.169> do<00:05:36.349> is
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if you like what we're trying to do is
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if you like what we're trying to do is
to<00:05:36.620> avoid<00:05:36.860> a<00:05:36.919> situation<00:05:37.190> in<00:05:37.909> which<00:05:37.969> the<00:05:38.930> guilty
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to avoid a situation in which the guilty
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to avoid a situation in which the guilty
is<00:05:39.949> found<00:05:40.279> innocent<00:05:40.840> or<00:05:41.840> where<00:05:42.139> the<00:05:42.259> innocent
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is found innocent or where the innocent
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is found innocent or where the innocent
is<00:05:43.219> found<00:05:43.520> guilty
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is found guilty
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is found guilty
so<00:05:45.710> using<00:05:45.949> that<00:05:46.130> parallel<00:05:46.819> let's<00:05:47.599> have<00:05:47.840> a<00:05:47.870> look
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so using that parallel let's have a look
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so using that parallel let's have a look
at<00:05:48.919> a<00:05:49.099> test<00:05:49.400> and<00:05:49.880> see<00:05:50.539> how<00:05:50.840> we<00:05:51.169> assemble
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at a test and see how we assemble
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at a test and see how we assemble
evidence<00:05:52.279> to<00:05:52.969> accept<00:05:53.389> or<00:05:53.930> reject<00:05:54.199> the
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evidence to accept or reject the
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evidence to accept or reject the
hypothesis<00:05:55.960> good<00:05:56.960> afternoon<00:05:57.620> my<00:05:58.250> name<00:05:58.279> is
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hypothesis good afternoon my name is
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hypothesis good afternoon my name is
Richard<00:05:58.969> Maxted<00:05:59.419> I'm<00:05:59.539> calling<00:05:59.870> from<00:05:59.990> the
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Richard Maxted I'm calling from the
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Richard Maxted I'm calling from the
merits<00:06:00.440> research<00:06:00.860> um<00:06:01.400> it's<00:06:02.389> part<00:06:02.599> of<00:06:02.690> an
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merits research um it's part of an
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merits research um it's part of an
ongoing<00:06:02.900> customer<00:06:03.620> satisfaction<00:06:04.250> research
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ongoing customer satisfaction research
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ongoing customer satisfaction research
we're<00:06:04.969> looking<00:06:05.210> to<00:06:05.300> speak<00:06:05.509> to<00:06:05.719> people<00:06:06.080> merits
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we're looking to speak to people merits
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we're looking to speak to people merits
designed<00:06:06.919> a<00:06:07.039> research<00:06:07.370> project<00:06:07.699> for<00:06:08.090> Best
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designed a research project for Best
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designed a research project for Best
Western<00:06:08.719> and<00:06:09.169> interviewed<00:06:09.590> customers<00:06:10.190> from
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Western and interviewed customers from
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Western and interviewed customers from
Best<00:06:10.669> Western<00:06:10.759> and<00:06:11.360> other<00:06:11.629> hotel<00:06:12.110> chains<00:06:12.529> we
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Best Western and other hotel chains we
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Best Western and other hotel chains we
can<00:06:13.219> use<00:06:13.400> our<00:06:13.580> analysis<00:06:14.120> our<00:06:14.360> statistics<00:06:14.930> our
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can use our analysis our statistics our
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can use our analysis our statistics our
research<00:06:15.500> to<00:06:15.770> identify<00:06:15.830> what<00:06:16.610> guests<00:06:17.090> Valley
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research to identify what guests Valley
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research to identify what guests Valley
and<00:06:18.800> we<00:06:19.190> can<00:06:19.460> convert<00:06:19.729> that<00:06:20.150> to<00:06:20.629> a<00:06:20.659> certain
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and we can convert that to a certain
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and we can convert that to a certain
degree<00:06:21.080> into<00:06:21.409> a<00:06:21.440> monetary<00:06:21.860> value<00:06:21.889> how<00:06:22.580> much
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degree into a monetary value how much
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degree into a monetary value how much
are<00:06:22.879> they<00:06:22.969> likely<00:06:23.419> to<00:06:23.449> pay<00:06:23.810> for<00:06:24.289> the<00:06:24.409> benefit
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are they likely to pay for the benefit
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are they likely to pay for the benefit
of<00:06:24.830> having<00:06:25.009> a
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of having a
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of having a
all<00:06:26.169> the<00:06:26.409> were<00:06:26.560> a<00:06:26.590> fitness<00:06:27.009> suite<00:06:27.250> we<00:06:27.940> can<00:06:28.120> look
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all the were a fitness suite we can look
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all the were a fitness suite we can look
at<00:06:28.360> average<00:06:28.479> occupancy<00:06:29.020> rates<00:06:29.470> we<00:06:30.069> can<00:06:30.099> look
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at average occupancy rates we can look
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at average occupancy rates we can look
at<00:06:30.430> the<00:06:30.550> average<00:06:30.639> tariff<00:06:31.180> that<00:06:31.509> people<00:06:31.750> are
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at the average tariff that people are
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at the average tariff that people are
paying<00:06:32.050> for<00:06:32.139> a<00:06:32.650> room<00:06:32.889> to<00:06:33.520> find<00:06:33.729> out<00:06:33.879> the
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paying for a room to find out the
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paying for a room to find out the
potential<00:06:34.300> profit<00:06:34.930> that<00:06:35.169> could<00:06:35.349> be<00:06:35.500> gained
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potential profit that could be gained
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potential profit that could be gained
through<00:06:35.940> installing<00:06:36.940> a<00:06:37.169> fitness<00:06:38.169> suite<00:06:38.430> and
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through installing a fitness suite and
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through installing a fitness suite and
then<00:06:39.610> we<00:06:39.699> can<00:06:39.849> talk<00:06:40.030> with<00:06:40.300> the<00:06:40.479> owners<00:06:41.050> of<00:06:41.199> that
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then we can talk with the owners of that
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then we can talk with the owners of that
Hotel<00:06:41.770> how<00:06:42.190> much<00:06:42.340> will<00:06:42.490> it<00:06:42.520> cost<00:06:42.639> for<00:06:43.599> you<00:06:43.720> to
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Hotel how much will it cost for you to
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Hotel how much will it cost for you to
put<00:06:44.050> that<00:06:44.080> fitness<00:06:44.560> suite<00:06:44.740> in<00:06:44.979> and<00:06:45.159> then<00:06:45.759> start
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put that fitness suite in and then start
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put that fitness suite in and then start
doing<00:06:46.150> some<00:06:46.569> return<00:06:46.960> on<00:06:46.990> investment<00:06:47.590> analysis
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doing some return on investment analysis
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doing some return on investment analysis
to<00:06:48.250> work<00:06:48.400> out<00:06:48.610> whether<00:06:48.759> it's<00:06:49.240> worthwhile
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to work out whether it's worthwhile
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to work out whether it's worthwhile
what's<00:06:50.199> the<00:06:50.349> potential<00:06:50.680> return<00:06:51.069> if<00:06:51.520> we<00:06:51.639> put<00:06:51.819> in
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what's the potential return if we put in
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what's the potential return if we put in
a<00:06:52.030> fitness<00:06:52.240> suite<00:06:52.599> compared<00:06:53.590> to<00:06:53.740> it<00:06:53.860> since<00:06:54.039> the
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a fitness suite compared to it since the
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a fitness suite compared to it since the
investment<00:06:54.669> in<00:06:54.789> its<00:06:54.909> installation<00:06:55.539> cost
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investment in its installation cost
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investment in its installation cost
their<00:06:57.940> study<00:06:58.180> revealed<00:06:58.629> the<00:06:58.780> subtle
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their study revealed the subtle
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their study revealed the subtle
differences<00:06:59.590> between<00:06:59.729> improvements<00:07:00.729> that
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differences between improvements that
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differences between improvements that
customer<00:07:01.360> wanted<00:07:01.810> but<00:07:02.409> didn't<00:07:02.770> significantly
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customer wanted but didn't significantly
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customer wanted but didn't significantly
improve<00:07:03.969> competitiveness<00:07:04.389> and<00:07:05.259> those<00:07:05.800> that
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improve competitiveness and those that
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improve competitiveness and those that
did<00:07:06.690> Princeton's<00:07:07.690> customers<00:07:08.500> cared<00:07:08.740> greatly
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did Princeton's customers cared greatly
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did Princeton's customers cared greatly
about<00:07:09.400> what's<00:07:09.639> called<00:07:09.879> triple<00:07:10.389> sheeting
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about what's called triple sheeting
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about what's called triple sheeting
where<00:07:11.560> beds<00:07:11.830> have<00:07:12.099> inner<00:07:12.340> and<00:07:12.669> outer<00:07:12.909> sheets
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where beds have inner and outer sheets
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where beds have inner and outer sheets
that<00:07:13.840> are<00:07:13.900> laundered<00:07:14.379> between<00:07:14.740> guests<00:07:15.750> the
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that are laundered between guests the
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that are laundered between guests the
perceived<00:07:17.169> value<00:07:17.440> added<00:07:18.009> was<00:07:18.669> twelve<00:07:19.030> dollars
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perceived value added was twelve dollars
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perceived value added was twelve dollars
and<00:07:19.659> forty<00:07:20.080> seven<00:07:20.379> cents<00:07:20.620> per<00:07:20.889> night<00:07:21.419> large
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and forty seven cents per night large
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and forty seven cents per night large
screen<00:07:22.900> TVs<00:07:23.500> had<00:07:24.400> a<00:07:24.430> perceived<00:07:24.879> value<00:07:25.180> of
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screen TVs had a perceived value of
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screen TVs had a perceived value of
about<00:07:26.169> twenty<00:07:26.590> dollars<00:07:26.740> a<00:07:27.750> break-even
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about twenty dollars a break-even
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about twenty dollars a break-even
analysis<00:07:29.560> showed<00:07:29.800> that<00:07:29.830> hotels<00:07:30.400> could<00:07:30.639> recoup
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analysis showed that hotels could recoup
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analysis showed that hotels could recoup
an<00:07:31.210> investment<00:07:31.779> in<00:07:31.900> triple<00:07:32.259> sheeting<00:07:32.440> in<00:07:33.159> 11
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an investment in triple sheeting in 11
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an investment in triple sheeting in 11
days<00:07:34.000> and<00:07:34.840> large<00:07:35.680> flat-screen<00:07:36.279> TVs<00:07:37.120> in<00:07:38.069> 102
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days and large flat-screen TVs in 102
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days and large flat-screen TVs in 102
days<00:07:41.009> this<00:07:42.009> information<00:07:42.639> helped<00:07:42.969> hotel
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days this information helped hotel
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days this information helped hotel
owners<00:07:43.690> to<00:07:44.169> make<00:07:44.319> investment<00:07:44.860> decisions<00:07:45.960> but
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owners to make investment decisions but
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owners to make investment decisions but
hypothesis<00:07:47.590> testing<00:07:48.039> is<00:07:48.279> not<00:07:48.610> only<00:07:48.789> used<00:07:49.300> in<00:07:49.659> a
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hypothesis testing is not only used in a
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hypothesis testing is not only used in a
business<00:07:50.409> context<00:07:51.389> for<00:07:52.389> instance<00:07:52.719> there<00:07:52.930> are
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business context for instance there are
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business context for instance there are
published<00:07:53.409> figures<00:07:53.830> that<00:07:54.009> suggest<00:07:54.430> that
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published figures that suggest that
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published figures that suggest that
student<00:07:55.060> debt<00:07:55.300> is<00:07:55.599> rising<00:07:56.139> sharply<00:07:57.419> education
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student debt is rising sharply education
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student debt is rising sharply education
is<00:07:58.569> expensive<00:07:59.169> and<00:07:59.319> more<00:07:59.830> and<00:07:59.979> more<00:08:00.129> countries
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is expensive and more and more countries
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is expensive and more and more countries
are<00:08:00.759> shifting<00:08:01.090> the<00:08:01.210> burden<00:08:01.389> of<00:08:01.659> paying<00:08:01.870> for
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are shifting the burden of paying for
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are shifting the burden of paying for
higher<00:08:02.409> education<00:08:02.650> to<00:08:03.639> the<00:08:03.759> individual
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higher education to the individual
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higher education to the individual
students<00:08:04.930> how<00:08:05.379> much<00:08:05.529> do<00:08:05.650> you<00:08:05.740> worry<00:08:06.099> about<00:08:06.250> the
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students how much do you worry about the
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students how much do you worry about the
kind<00:08:06.969> of<00:08:07.090> debts<00:08:07.300> you're<00:08:07.509> building<00:08:07.840> up
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kind of debts you're building up
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kind of debts you're building up
studying<00:08:08.409> here<00:08:08.650> I<00:08:08.949> do<00:08:09.159> worry<00:08:09.460> about<00:08:09.520> it<00:08:09.909> I
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studying here I do worry about it I
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studying here I do worry about it I
think<00:08:10.449> it's<00:08:10.569> gonna<00:08:10.659> hit<00:08:10.870> home<00:08:11.080> more<00:08:11.319> when<00:08:12.009> I
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think it's gonna hit home more when I
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think it's gonna hit home more when I
finish<00:08:12.340> uni<00:08:12.669> you<00:08:12.909> go<00:08:13.060> to<00:08:13.120> university
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finish uni you go to university
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finish uni you go to university
you're<00:08:14.080> pretty<00:08:14.319> aware<00:08:14.650> of<00:08:14.889> how<00:08:15.069> much<00:08:15.279> debt
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you're pretty aware of how much debt
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you're pretty aware of how much debt
you're<00:08:15.669> gonna<00:08:15.789> have<00:08:16.000> at<00:08:16.120> the<00:08:16.210> end<00:08:16.330> of<00:08:16.509> it<00:08:16.659> it's
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you're gonna have at the end of it it's
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you're gonna have at the end of it it's
off<00:08:17.770> like<00:08:17.949> relying<00:08:18.250> on<00:08:18.370> my<00:08:18.490> student<00:08:18.819> loans<00:08:18.969> and
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off like relying on my student loans and
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off like relying on my student loans and
maintenance<00:08:19.629> grants<00:08:19.870> they<00:08:20.110> keep<00:08:20.289> me<00:08:20.440> going
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maintenance grants they keep me going
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maintenance grants they keep me going
through<00:08:21.190> for<00:08:21.310> three<00:08:21.490> years<00:08:21.729> really<00:08:21.940> and<00:08:22.800> now
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through for three years really and now
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through for three years really and now
hopefully<00:08:24.039> and<00:08:24.969> get<00:08:25.240> out<00:08:25.690> of<00:08:25.779> it<00:08:25.900> I'll<00:08:26.050> start
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hopefully and get out of it I'll start
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hopefully and get out of it I'll start
paying<00:08:26.770> it<00:08:26.889> back<00:08:27.009> but<00:08:27.400> yeah<00:08:27.819> it's<00:08:28.000> been<00:08:28.029> tough
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paying it back but yeah it's been tough
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paying it back but yeah it's been tough
as<00:08:28.870> soon<00:08:29.050> as<00:08:29.139> you<00:08:29.199> leave<00:08:29.319> University
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as soon as you leave University
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as soon as you leave University
the<00:08:30.689> place<00:08:30.899> with<00:08:31.079> letters<00:08:31.349> from<00:08:31.439> the<00:08:31.589> bank
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the place with letters from the bank
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the place with letters from the bank
comes<00:08:32.009> in<00:08:32.129> India<00:08:32.389> okay<00:08:33.409> start<00:08:34.409> paying<00:08:34.589> back<00:08:34.769> so
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comes in India okay start paying back so
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comes in India okay start paying back so
it's<00:08:35.219> Australia<00:08:36.000> life<00:08:36.120> so<00:08:36.389> yeah<00:08:36.569> well<00:08:36.839> I<00:08:36.870> worry
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it's Australia life so yeah well I worry
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it's Australia life so yeah well I worry
letter<00:08:37.289> quite<00:08:37.409> a<00:08:37.469> bit<00:08:37.729> yeah<00:08:38.729> I<00:08:38.789> think<00:08:38.939> it's<00:08:39.329> a
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letter quite a bit yeah I think it's a
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letter quite a bit yeah I think it's a
sort<00:08:39.629> of<00:08:39.689> debt<00:08:39.959> that<00:08:40.110> you're<00:08:40.409> gonna<00:08:40.589> be<00:08:40.740> paying
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sort of debt that you're gonna be paying
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sort of debt that you're gonna be paying
off<00:08:41.250> for<00:08:41.399> the<00:08:41.459> next<00:08:41.610> 30<00:08:41.969> odd<00:08:42.209> years<00:08:42.240> of<00:08:42.599> your
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off for the next 30 odd years of your
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off for the next 30 odd years of your
life<00:08:42.839> including<00:08:43.229> the<00:08:43.740> like<00:08:44.219> the<00:08:44.490> interest<00:08:44.910> and
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life including the like the interest and
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life including the like the interest and
everything<00:08:45.800> some<00:08:46.800> people<00:08:47.069> believe<00:08:47.370> that
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everything some people believe that
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everything some people believe that
higher<00:08:48.120> education<00:08:48.839> should<00:08:48.870> be<00:08:49.050> subsidized<00:08:49.680> by
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higher education should be subsidized by
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higher education should be subsidized by
the<00:08:49.949> taxpayers<00:08:50.579> and<00:08:51.420> this<00:08:51.720> is<00:08:51.839> the<00:08:51.959> case<00:08:52.170> in
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the taxpayers and this is the case in
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the taxpayers and this is the case in
many<00:08:52.529> European<00:08:53.160> countries<00:08:54.139> others<00:08:55.139> believe
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many European countries others believe
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many European countries others believe
that<00:08:55.529> since<00:08:55.920> students<00:08:56.339> get<00:08:56.550> the<00:08:56.699> benefit<00:08:57.149> of
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that since students get the benefit of
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that since students get the benefit of
enhanced<00:08:57.779> earnings<00:08:58.139> with<00:08:58.350> a<00:08:58.379> degree<00:08:58.769> they
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enhanced earnings with a degree they
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enhanced earnings with a degree they
should<00:08:59.490> also<00:08:59.639> pay<00:08:59.939> the<00:09:00.120> costs<00:09:01.370> you're<00:09:02.370> the
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should also pay the costs you're the
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should also pay the costs you're the
ones<00:09:02.699> that<00:09:02.819> are<00:09:03.000> gaining<00:09:03.240> out<00:09:03.480> of<00:09:03.629> it<00:09:03.750> in<00:09:03.839> terms
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ones that are gaining out of it in terms
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ones that are gaining out of it in terms
of<00:09:04.199> a<00:09:04.319> higher<00:09:04.560> salary<00:09:04.980> do<00:09:05.430> you<00:09:05.490> not<00:09:05.670> think<00:09:05.850> that
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of a higher salary do you not think that
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of a higher salary do you not think that
you're<00:09:06.300> the<00:09:06.449> ones<00:09:06.629> ought<00:09:06.870> to<00:09:06.959> pay<00:09:07.110> for<00:09:07.350> it<00:09:09.500> when
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you're the ones ought to pay for it when
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you're the ones ought to pay for it when
you<00:09:10.589> put<00:09:10.740> it<00:09:10.829> that<00:09:10.920> way<00:09:12.439> yeah<00:09:13.439> I<00:09:13.670> don't<00:09:14.670> think
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you put it that way yeah I don't think
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you put it that way yeah I don't think
there's<00:09:14.970> a<00:09:15.029> problem<00:09:15.300> about<00:09:15.389> student<00:09:15.959> debt
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there's a problem about student debt
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there's a problem about student debt
generally<00:09:16.680> I<00:09:16.709> think<00:09:17.000> students<00:09:18.319> complain<00:09:19.319> too
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generally I think students complain too
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generally I think students complain too
much<00:09:19.769> about<00:09:20.069> their<00:09:20.339> debt<00:09:20.610> on<00:09:21.360> the<00:09:21.600> average
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much about their debt on the average
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much about their debt on the average
people<00:09:22.470> go<00:09:22.769> to<00:09:22.829> college<00:09:23.100> do<00:09:23.490> a<00:09:23.519> heck<00:09:23.850> of<00:09:23.879> a<00:09:24.060> lot
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people go to college do a heck of a lot
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people go to college do a heck of a lot
better<00:09:24.509> than<00:09:24.629> people<00:09:24.870> don't<00:09:25.199> go<00:09:25.350> to<00:09:25.379> college
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better than people don't go to college
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better than people don't go to college
in<00:09:25.949> every<00:09:26.250> country<00:09:26.459> that<00:09:26.850> we<00:09:26.970> have<00:09:27.120> any<00:09:27.300> data
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in every country that we have any data
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in every country that we have any data
for<00:09:27.870> if<00:09:28.259> they're<00:09:28.470> going<00:09:28.620> to<00:09:28.709> do<00:09:28.860> that<00:09:29.069> well<00:09:30.290> why
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for if they're going to do that well why
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for if they're going to do that well why
should<00:09:31.529> the<00:09:32.129> state<00:09:32.430> be<00:09:32.459> paying<00:09:33.089> for<00:09:33.389> a<00:09:33.449> why
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should the state be paying for a why
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should the state be paying for a why
shouldn't<00:09:33.959> they<00:09:34.050> have<00:09:34.259> to<00:09:35.149> pay<00:09:36.149> for<00:09:36.480> it<00:09:36.600> take
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shouldn't they have to pay for it take
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shouldn't they have to pay for it take
out<00:09:36.870> debt<00:09:37.230> the<00:09:37.379> way<00:09:37.500> they<00:09:37.680> do<00:09:37.740> when<00:09:38.009> they<00:09:38.129> buy<00:09:38.309> a
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out debt the way they do when they buy a
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out debt the way they do when they buy a
house<00:09:38.610> and<00:09:39.059> then<00:09:39.180> pay<00:09:39.389> it<00:09:39.509> back<00:09:39.720> over<00:09:39.750> their
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house and then pay it back over their
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house and then pay it back over their
higher<00:09:40.319> earnings<00:09:40.910> so<00:09:41.910> I<00:09:41.939> think<00:09:42.120> overall
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higher earnings so I think overall
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higher earnings so I think overall
that's<00:09:43.110> fine<00:09:44.509> for<00:09:45.509> people<00:09:45.809> from<00:09:46.350> poorer
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that's fine for people from poorer
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that's fine for people from poorer
families<00:09:47.089> it's<00:09:48.089> also<00:09:48.360> fine<00:09:49.199> as<00:09:49.709> long<00:09:50.339> as<00:09:50.610> we
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families it's also fine as long as we
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families it's also fine as long as we
enable<00:09:51.269> them<00:09:51.449> to<00:09:52.040> borrow<00:09:53.040> enough<00:09:53.579> so<00:09:54.300> that
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enable them to borrow enough so that
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enable them to borrow enough so that
they<00:09:54.629> can<00:09:54.899> finance<00:09:55.410> their<00:09:55.829> education
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they can finance their education
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they can finance their education
reasonably<00:09:57.269> and<00:09:57.829> you<00:09:58.829> may<00:09:59.069> want<00:09:59.339> to<00:09:59.430> think<00:09:59.550> of
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reasonably and you may want to think of
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reasonably and you may want to think of
you<00:09:59.939> know<00:10:00.059> more<00:10:01.100> sophisticated<00:10:02.100> financial
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you know more sophisticated financial
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you know more sophisticated financial
instruments<00:10:03.389> so<00:10:03.480> you<00:10:03.540> pay<00:10:03.839> back<00:10:04.050> not<00:10:04.290> a<00:10:04.319> fixed
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instruments so you pay back not a fixed
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instruments so you pay back not a fixed
amount<00:10:04.949> but<00:10:05.459> a<00:10:05.490> fraction<00:10:05.850> of<00:10:06.240> your<00:10:06.389> income<00:10:06.809> up
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amount but a fraction of your income up
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amount but a fraction of your income up
to<00:10:07.019> a<00:10:07.139> certain<00:10:07.439> point<00:10:07.620> and<00:10:08.160> then<00:10:08.670> some
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to a certain point and then some
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to a certain point and then some
countries<00:10:09.360> do<00:10:09.569> things<00:10:10.019> like<00:10:10.230> that<00:10:10.470> so<00:10:10.620> you<00:10:10.709> can
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countries do things like that so you can
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countries do things like that so you can
make<00:10:10.860> it<00:10:11.129> more<00:10:11.279> sophisticated<00:10:12.110> but<00:10:13.110> that
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make it more sophisticated but that
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make it more sophisticated but that
students<00:10:14.040> who<00:10:14.579> are<00:10:14.879> going<00:10:15.120> to<00:10:15.240> benefit<00:10:15.839> from
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students who are going to benefit from
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students who are going to benefit from
their<00:10:16.199> education<00:10:16.980> should<00:10:17.579> have<00:10:17.759> to<00:10:17.970> pay<00:10:18.180> for
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their education should have to pay for
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their education should have to pay for
it
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it
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it
either<00:10:19.019> through<00:10:19.670> directly<00:10:20.670> out<00:10:20.819> of<00:10:20.850> with
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either through directly out of with
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either through directly out of with
their<00:10:21.689> parental<00:10:22.470> their<00:10:22.769> own<00:10:22.920> money<00:10:23.189> or<00:10:23.309> all
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their parental their own money or all
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their parental their own money or all
right<00:10:24.000> borrowing<00:10:24.600> I<00:10:24.839> think<00:10:25.050> is<00:10:25.139> absolutely
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right borrowing I think is absolutely
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right borrowing I think is absolutely
the<00:10:25.769> right<00:10:25.920> way<00:10:26.100> for<00:10:26.370> higher<00:10:26.879> education<00:10:27.230> to<00:10:28.230> go
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the right way for higher education to go
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the right way for higher education to go
and<00:10:28.769> to<00:10:28.889> me<00:10:29.069> it's<00:10:29.759> really<00:10:29.879> an<00:10:30.240> equitable<00:10:30.629> to
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and to me it's really an equitable to
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and to me it's really an equitable to
have<00:10:31.529> the<00:10:31.680> state<00:10:32.120> pay<00:10:33.120> for<00:10:33.809> people<00:10:34.139> who<00:10:34.709> are
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have the state pay for people who are
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have the state pay for people who are
going<00:10:34.920> to<00:10:35.069> be<00:10:35.189> among<00:10:35.430> the<00:10:35.490> higher<00:10:35.790> income
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going to be among the higher income
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going to be among the higher income
numbers<00:10:36.899> of<00:10:37.079> society<00:10:37.709> I<00:10:37.920> mean<00:10:38.339> why<00:10:38.939> should<00:10:38.970> the
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numbers of society I mean why should the
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numbers of society I mean why should the
lower<00:10:39.600> income<00:10:40.019> people<00:10:40.199> be<00:10:40.529> taxed<00:10:41.009> to<00:10:41.130> pay<00:10:41.279> for
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lower income people be taxed to pay for
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lower income people be taxed to pay for
the<00:10:41.519> hiring
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the hiring
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the hiring
people<00:10:42.250> I<00:10:42.280> know<00:10:42.490> I<00:10:42.520> couldn't<00:10:43.060> I<00:10:43.300> can't<00:10:43.690> see<00:10:43.870> the
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people I know I couldn't I can't see the
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people I know I couldn't I can't see the
sense<00:10:44.260> of<00:10:44.440> doing<00:10:44.650> that<00:10:46.020> the<00:10:47.020> published
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sense of doing that the published
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sense of doing that the published
figures<00:10:47.710> suggest<00:10:48.220> that<00:10:48.640> as<00:10:48.730> a<00:10:48.760> result
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figures suggest that as a result
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figures suggest that as a result
students<00:10:49.750> have<00:10:49.870> graduated<00:10:50.020> with<00:10:50.650> increased
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students have graduated with increased
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students have graduated with increased
dance<00:10:51.430> but<00:10:52.360> can<00:10:52.600> we<00:10:52.720> believe<00:10:53.050> the<00:10:53.230> figures<00:10:53.940> one
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dance but can we believe the figures one
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dance but can we believe the figures one
way<00:10:55.060> we<00:10:55.210> could<00:10:55.390> check<00:10:55.660> the<00:10:55.870> accuracy<00:10:56.200> of<00:10:56.500> the
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way we could check the accuracy of the
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way we could check the accuracy of the
figures<00:10:57.010> would<00:10:57.340> be<00:10:57.520> to<00:10:57.670> sample<00:10:58.180> a<00:10:58.270> group<00:10:58.450> of
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figures would be to sample a group of
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figures would be to sample a group of
students<00:10:59.550> and<00:11:00.550> suppose<00:11:00.880> we<00:11:01.030> do<00:11:01.150> this<00:11:01.330> and<00:11:01.600> find
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students and suppose we do this and find
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students and suppose we do this and find
that<00:11:02.020> our<00:11:02.140> sample<00:11:02.560> of<00:11:02.590> students<00:11:03.070> has<00:11:03.550> higher
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that our sample of students has higher
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that our sample of students has higher
debt<00:11:04.360> than<00:11:04.630> the<00:11:04.720> published<00:11:05.140> figures<00:11:06.090> does
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debt than the published figures does
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debt than the published figures does
this<00:11:07.210> mean<00:11:07.480> that<00:11:07.510> the<00:11:07.750> figures<00:11:08.050> are<00:11:08.200> wrong<00:11:08.880> we
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this mean that the figures are wrong we
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this mean that the figures are wrong we
can<00:11:10.060> answer<00:11:10.240> this<00:11:10.540> question<00:11:11.050> using
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can answer this question using
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can answer this question using
hypothesis<00:11:12.730> testing<00:11:13.710> here's<00:11:14.710> the<00:11:14.890> particular
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hypothesis testing here's the particular
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hypothesis testing here's the particular
problem<00:11:15.760> that<00:11:15.790> we'll<00:11:16.090> solve<00:11:16.390> using
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problem that we'll solve using
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problem that we'll solve using
hypothesis<00:11:17.740> testing<00:11:18.750> the<00:11:19.750> data<00:11:19.990> suggests
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hypothesis testing the data suggests
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hypothesis testing the data suggests
that<00:11:20.710> student<00:11:21.130> debt<00:11:21.250> on<00:11:21.460> leaving<00:11:21.820> college<00:11:22.180> or
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that student debt on leaving college or
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that student debt on leaving college or
university<00:11:23.020> averages<00:11:23.740> eighteen<00:11:24.340> thousand
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university averages eighteen thousand
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university averages eighteen thousand
pounds<00:11:25.140> we<00:11:26.140> think<00:11:26.380> it<00:11:26.500> may<00:11:26.620> be<00:11:26.650> higher<00:11:27.010> so<00:11:27.310> we
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pounds we think it may be higher so we
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pounds we think it may be higher so we
interviewed<00:11:28.300> a<00:11:28.510> hundred<00:11:28.840> students<00:11:29.260> on
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interviewed a hundred students on
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interviewed a hundred students on
leaving<00:11:29.830> University<00:11:30.550> and<00:11:31.240> found<00:11:31.600> that<00:11:31.810> the
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leaving University and found that the
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leaving University and found that the
mean<00:11:32.260> average<00:11:32.530> of<00:11:32.890> that<00:11:33.010> sample<00:11:33.730> was<00:11:33.940> nineteen
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mean average of that sample was nineteen
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mean average of that sample was nineteen
thousand<00:11:35.080> five<00:11:35.260> hundred<00:11:35.610> now<00:11:36.610> of<00:11:36.670> course<00:11:36.820> the
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thousand five hundred now of course the
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thousand five hundred now of course the
debt<00:11:37.240> varied<00:11:37.810> greatly<00:11:38.050> between<00:11:38.440> the<00:11:38.830> students
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debt varied greatly between the students
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debt varied greatly between the students
in<00:11:39.340> our<00:11:39.430> sample<00:11:39.970> and<00:11:40.290> we<00:11:41.290> subsequently
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in our sample and we subsequently
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in our sample and we subsequently
calculated<00:11:42.850> that<00:11:43.300> the<00:11:43.480> standard<00:11:43.990> deviation
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calculated that the standard deviation
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calculated that the standard deviation
of<00:11:44.740> that<00:11:44.920> sample<00:11:45.400> was<00:11:45.910> eight<00:11:46.090> thousand<00:11:46.480> pounds
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of that sample was eight thousand pounds
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of that sample was eight thousand pounds
is<00:11:48.760> this<00:11:49.150> evidence<00:11:49.390> to<00:11:49.960> suggest<00:11:50.140> that
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is this evidence to suggest that
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is this evidence to suggest that
reported<00:11:51.460> debt<00:11:51.730> of<00:11:52.020> 18,000<00:11:53.020> is<00:11:53.260> understated
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reported debt of 18,000 is understated
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reported debt of 18,000 is understated
the<00:11:56.170> first<00:11:56.500> step<00:11:56.800> in<00:11:56.920> hypothesis<00:11:57.520> testing<00:11:57.970> is
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the first step in hypothesis testing is
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the first step in hypothesis testing is
to<00:11:58.450> specify<00:11:58.690> the<00:11:59.020> null<00:11:59.470> hypothesis<00:12:00.370> H<00:12:00.640> naught
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to specify the null hypothesis H naught
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to specify the null hypothesis H naught
and<00:12:01.390> the<00:12:02.020> alternative<00:12:02.650> hypothesis<00:12:03.430> H<00:12:03.700> 1<00:12:04.090> H
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and the alternative hypothesis H 1 H
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and the alternative hypothesis H 1 H
naught<00:12:05.589> is<00:12:05.920> that<00:12:06.100> mu<00:12:06.430> the<00:12:06.940> mean<00:12:07.180> average
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naught is that mu the mean average
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naught is that mu the mean average
student<00:12:07.990> debt<00:12:08.050> is<00:12:08.440> indeed<00:12:09.400> equal<00:12:09.820> to<00:12:09.850> or<00:12:10.270> less
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student debt is indeed equal to or less
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student debt is indeed equal to or less
than<00:12:11.460> 18,000<00:12:12.460> pounds<00:12:12.910> and<00:12:13.560> H<00:12:14.560> 1<00:12:14.980> that<00:12:15.600> mu<00:12:16.600> is
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than 18,000 pounds and H 1 that mu is
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than 18,000 pounds and H 1 that mu is
greater<00:12:17.080> than<00:12:17.380> 18,000
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and<00:12:20.980> we<00:12:21.130> assume<00:12:21.490> that<00:12:22.030> H<00:12:22.180> naught<00:12:22.450> is<00:12:22.660> true
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and we assume that H naught is true
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and we assume that H naught is true
unless<00:12:24.070> we<00:12:24.490> found<00:12:24.820> strong<00:12:25.240> evidence<00:12:25.720> that<00:12:25.930> H<00:12:26.650> 1
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unless we found strong evidence that H 1
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unless we found strong evidence that H 1
the<00:12:27.370> alternative<00:12:27.970> hypothesis<00:12:28.660> is<00:12:28.870> correct
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the alternative hypothesis is correct
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the alternative hypothesis is correct
the<00:12:31.270> second<00:12:31.690> step<00:12:31.870> is<00:12:32.320> to<00:12:32.380> select<00:12:32.800> a
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the second step is to select a
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the second step is to select a
significance<00:12:33.760> level<00:12:33.850> alpha<00:12:34.360> which<00:12:35.140> is<00:12:35.320> the
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significance level alpha which is the
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significance level alpha which is the
level<00:12:35.710> of<00:12:35.890> scrutiny<00:12:36.130> used<00:12:36.760> for<00:12:37.060> rejecting<00:12:37.720> or
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level of scrutiny used for rejecting or
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level of scrutiny used for rejecting or
accepting<00:12:37.990> the<00:12:38.620> hypothesis<00:12:39.280> the
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accepting the hypothesis the
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accepting the hypothesis the
significance<00:12:40.720> level<00:12:40.810> shows<00:12:41.290> the
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significance level shows the
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significance level shows the
significance<00:12:42.250> the<00:12:42.310> test<00:12:42.700> will<00:12:42.910> have<00:12:43.240> in<00:12:43.600> terms
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significance the test will have in terms
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significance the test will have in terms
of<00:12:44.260> chance<00:12:44.530> occurrence<00:12:45.420> for<00:12:46.420> instance<00:12:46.750> if<00:12:46.930> we
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of chance occurrence for instance if we
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of chance occurrence for instance if we
use<00:12:47.530> a<00:12:47.560> level<00:12:48.010> of<00:12:48.130> naught<00:12:48.460> point<00:12:48.700> zero<00:12:48.910> five
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use a level of naught point zero five
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use a level of naught point zero five
five<00:12:49.690> percent<00:12:50.140> we're<00:12:51.100> willing<00:12:51.340> to<00:12:51.460> accept<00:12:51.970> a
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five percent we're willing to accept a
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five percent we're willing to accept a
hypothesis<00:12:52.780> even<00:12:52.990> though<00:12:53.890> it<00:12:54.010> has<00:12:54.160> a<00:12:54.190> five<00:12:54.580> out
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hypothesis even though it has a five out
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hypothesis even though it has a five out
of<00:12:54.850> a<00:12:55.030> hundred<00:12:55.060> chance<00:12:55.570> of<00:12:55.870> being<00:12:56.080> wrong<00:12:57.360> now
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of a hundred chance of being wrong now
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of a hundred chance of being wrong now
although<00:12:58.510> the<00:12:58.720> choice<00:12:58.960> of<00:12:59.170> significance
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although the choice of significance
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although the choice of significance
level<00:13:00.250> is<00:13:00.370> largely<00:13:01.030> subjective<00:13:01.740> the<00:13:02.740> rule<00:13:02.920> of
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level is largely subjective the rule of
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level is largely subjective the rule of
thumb<00:13:03.340> is<00:13:03.490> to<00:13:03.520> use<00:13:03.640> a<00:13:03.850> five<00:13:04.240> percent
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thumb is to use a five percent
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thumb is to use a five percent
significance<00:13:04.960> level<00:13:05.380> so<00:13:06.340> that's<00:13:06.460> what<00:13:06.700> we'll
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significance level so that's what we'll
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significance level so that's what we'll
do<00:13:07.030> here<00:13:08.100> the<00:13:09.100> third<00:13:09.310> step<00:13:09.580> is<00:13:09.760> to<00:13:09.790> calculate<00:13:10.120> a
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do here the third step is to calculate a
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do here the third step is to calculate a
test<00:13:10.930> statistic<00:13:11.380> Z<00:13:12.660> and<00:13:13.660> to<00:13:13.870> do<00:13:14.020> this<00:13:14.400> we<00:13:15.400> use
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test statistic Z and to do this we use
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test statistic Z and to do this we use
the<00:13:15.760> following<00:13:15.880> formula<00:13:16.260> the<00:13:17.260> Z<00:13:17.680> equals<00:13:18.460> x<00:13:19.300> bar
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the following formula the Z equals x bar
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the following formula the Z equals x bar
minus<00:13:20.650> mu<00:13:20.950> naught<00:13:21.810> over<00:13:22.860> Sigma<00:13:23.860> over<00:13:24.520> the
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minus mu naught over Sigma over the
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minus mu naught over Sigma over the
square<00:13:25.030> root<00:13:25.420> of<00:13:25.510> n<00:13:25.830> where<00:13:26.830> X<00:13:27.640> bar<00:13:28.120> is<00:13:28.480> the
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square root of n where X bar is the
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square root of n where X bar is the
sample<00:13:29.500> mean<00:13:30.690> mu<00:13:31.690> naught<00:13:32.170> is<00:13:32.590> the<00:13:33.220> originally
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sample mean mu naught is the originally
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sample mean mu naught is the originally
reported<00:13:34.120> mean<00:13:35.790> Sigma<00:13:36.790> is<00:13:37.300> the<00:13:37.840> standard
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reported mean Sigma is the standard
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reported mean Sigma is the standard
deviation<00:13:38.410> and<00:13:39.600> n<00:13:40.600> is<00:13:40.870> the<00:13:41.410> sample<00:13:41.590> size
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deviation and n is the sample size
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deviation and n is the sample size
this<00:13:44.269> gives<00:13:44.510> us<00:13:45.670> 19500<00:13:46.670> -<00:13:47.660> eighteen<00:13:48.019> thousand
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this gives us 19500 - eighteen thousand
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this gives us 19500 - eighteen thousand
over<00:13:50.080> eight<00:13:51.080> thousand<00:13:51.709> divided<00:13:52.100> by<00:13:52.399> the
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over eight thousand divided by the
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over eight thousand divided by the
square<00:13:53.089> root<00:13:53.120> of<00:13:53.360> a<00:13:53.480> hundred
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square root of a hundred
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square root of a hundred
which<00:13:55.860> is<00:13:56.660> 1,500<00:13:57.660> over<00:13:58.320> 800
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which is 1,500 over 800
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which is 1,500 over 800
which<00:14:00.830> is<00:14:01.060> 1.8<00:14:02.060> 75
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which is 1.8 75
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which is 1.8 75
now<00:14:05.429> the<00:14:05.489> fourth<00:14:05.850> step<00:14:06.239> is<00:14:06.540> to<00:14:06.989> set<00:14:07.439> the
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now the fourth step is to set the
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now the fourth step is to set the
rejection<00:14:08.129> region<00:14:09.139> to<00:14:10.139> do<00:14:10.319> this<00:14:10.610> look<00:14:11.610> at<00:14:11.730> the
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rejection region to do this look at the
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rejection region to do this look at the
normal<00:14:12.179> distribution<00:14:12.329> diagram
00:14:14.770 --> 00:14:14.780 align:start position:0%
normal distribution diagram
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normal distribution diagram
here<00:14:15.500> we<00:14:15.620> have<00:14:15.770> a<00:14:15.800> one-tailed<00:14:16.430> test<00:14:16.910> we'll
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here we have a one-tailed test we'll
00:14:17.480 --> 00:14:21.070 align:start position:0%
here we have a one-tailed test we'll
only<00:14:17.810> reject<00:14:18.410> the<00:14:18.590> null<00:14:18.770> hypothesis<00:14:19.550> if<00:14:19.790> Z<00:14:20.750> is
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only reject the null hypothesis if Z is
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only reject the null hypothesis if Z is
in<00:14:21.710> the<00:14:21.830> shaded<00:14:22.100> region<00:14:22.930> we<00:14:23.930> won't<00:14:24.260> reject<00:14:24.530> it
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in the shaded region we won't reject it
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in the shaded region we won't reject it
if<00:14:25.280> it's<00:14:25.940> in<00:14:26.150> the<00:14:26.300> other<00:14:26.960> tile<00:14:27.590> where<00:14:28.190> student
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if it's in the other tile where student
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if it's in the other tile where student
debt<00:14:28.940> would<00:14:29.210> appear<00:14:29.510> to<00:14:29.540> be<00:14:29.780> less<00:14:30.610> than
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debt would appear to be less than
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debt would appear to be less than
suggested<00:14:32.420> by<00:14:32.540> the<00:14:32.600> official<00:14:33.080> statistics<00:14:34.990> we
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suggested by the official statistics we
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suggested by the official statistics we
need<00:14:36.200> to<00:14:36.290> put<00:14:36.470> all<00:14:36.770> of<00:14:36.830> alpha<00:14:37.730> in<00:14:37.910> the
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need to put all of alpha in the
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need to put all of alpha in the
right-hand<00:14:38.600> tile<00:14:38.900> and<00:14:39.520> we'll<00:14:40.520> reject<00:14:41.060> a<00:14:41.240> null
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right-hand tile and we'll reject a null
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right-hand tile and we'll reject a null
hypothesis<00:14:42.520> only<00:14:43.520> if<00:14:43.700> Z<00:14:44.090> is<00:14:44.360> greater<00:14:44.780> than
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hypothesis only if Z is greater than
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hypothesis only if Z is greater than
1.96
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the<00:14:50.100> fifth<00:14:50.370> and<00:14:50.610> final<00:14:50.820> step<00:14:51.090> is<00:14:51.450> to<00:14:51.840> draw<00:14:52.110> a
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the fifth and final step is to draw a
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the fifth and final step is to draw a
conclusion<00:14:52.470> about<00:14:53.160> our<00:14:53.370> hypothesis<00:14:54.890> 1.87<00:14:55.890> 5
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conclusion about our hypothesis 1.87 5
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conclusion about our hypothesis 1.87 5
is<00:14:56.460> less<00:14:56.790> than<00:14:57.050> 1.96<00:14:58.160> so<00:14:59.160> zed<00:14:59.430> is<00:14:59.460> not<00:15:00.030> in<00:15:00.390> the
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is less than 1.96 so zed is not in the
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is less than 1.96 so zed is not in the
rejection<00:15:00.900> region<00:15:01.370> therefore<00:15:02.370> we<00:15:02.820> fail<00:15:03.240> to
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rejection region therefore we fail to
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rejection region therefore we fail to
reject<00:15:03.840> the<00:15:04.350> null<00:15:04.380> hypothesis<00:15:05.340> we<00:15:06.210> cannot
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reject the null hypothesis we cannot
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reject the null hypothesis we cannot
conclude<00:15:06.960> that<00:15:07.380> the<00:15:07.530> official<00:15:07.890> statistics
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conclude that the official statistics
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conclude that the official statistics
understate<00:15:09.540> the<00:15:09.570> problem<00:15:10.140> of<00:15:10.260> student<00:15:10.620> debt
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understate the problem of student debt
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understate the problem of student debt
in<00:15:11.240> terms<00:15:12.240> of<00:15:12.420> our<00:15:12.570> analogy<00:15:13.070> we<00:15:14.070> declare<00:15:14.730> the
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in terms of our analogy we declare the
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in terms of our analogy we declare the
prisoner<00:15:15.450> still<00:15:15.750> to<00:15:15.930> be<00:15:16.050> innocent<00:15:16.290> we<00:15:17.160> can't
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prisoner still to be innocent we can't
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prisoner still to be innocent we can't
be<00:15:17.760> sure<00:15:17.790> enough<00:15:18.660> that<00:15:19.050> he's<00:15:19.230> guilty
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now<00:15:23.050> look<00:15:23.320> again<00:15:23.560> at<00:15:23.740> the<00:15:23.860> formula<00:15:24.870> notice
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now look again at the formula notice
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now look again at the formula notice
that<00:15:26.440> if<00:15:26.620> our<00:15:26.740> sample<00:15:27.160> n<00:15:27.790> was<00:15:28.150> bigger<00:15:28.480> or<00:15:28.870> the
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that if our sample n was bigger or the
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that if our sample n was bigger or the
standard<00:15:30.310> deviation<00:15:30.940> of<00:15:31.030> our<00:15:31.180> sample<00:15:31.780> Sigma
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standard deviation of our sample Sigma
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standard deviation of our sample Sigma
was<00:15:32.440> smaller<00:15:33.150> z<00:15:34.150> might<00:15:34.840> have<00:15:35.020> been<00:15:35.230> greater
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was smaller z might have been greater
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was smaller z might have been greater
than<00:15:35.700> 1.96
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than 1.96
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than 1.96
you<00:15:38.980> might<00:15:39.160> try<00:15:39.340> to<00:15:39.460> find<00:15:39.880> Zed
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you might try to find Zed
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you might try to find Zed
if<00:15:40.860> Sigma<00:15:41.860> had<00:15:42.070> been<00:15:42.600> 7,000<00:15:44.010> or<00:15:45.010> alternatively
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if Sigma had been 7,000 or alternatively
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if Sigma had been 7,000 or alternatively
if<00:15:46.510> the<00:15:47.140> sample<00:15:47.650> had<00:15:47.860> been<00:15:47.890> a<00:15:48.070> hundred<00:15:48.460> and
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if the sample had been a hundred and
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if the sample had been a hundred and
forty-four<00:15:49.620> in<00:15:50.620> each<00:15:50.980> case<00:15:51.400> your<00:15:52.360> answer
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forty-four in each case your answer
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forty-four in each case your answer
should<00:15:53.650> be<00:15:53.710> greater<00:15:54.280> than<00:15:54.600> 1.96<00:15:55.600> and<00:15:55.930> we<00:15:56.740> would
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should be greater than 1.96 and we would
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should be greater than 1.96 and we would
then<00:15:57.250> have<00:15:57.490> rejected<00:15:57.940> the<00:15:58.300> null<00:15:58.480> hypothesis
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then have rejected the null hypothesis
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then have rejected the null hypothesis
concluding<00:16:00.490> that<00:16:00.640> mean<00:16:00.940> average<00:16:01.540> student
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concluding that mean average student
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concluding that mean average student
debt<00:16:02.250> really<00:16:03.250> was<00:16:03.460> greater<00:16:03.940> than<00:16:04.350> 18,000
00:16:05.340 --> 00:16:05.350 align:start position:0%
debt really was greater than 18,000
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debt really was greater than 18,000
pounds<00:16:06.090> now<00:16:07.090> think<00:16:07.300> about<00:16:07.390> the<00:16:07.630> hotel<00:16:07.810> chain
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pounds now think about the hotel chain
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pounds now think about the hotel chain
that<00:16:08.410> we<00:16:08.560> looked<00:16:08.770> at
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that we looked at
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that we looked at
they<00:16:10.060> thought<00:16:10.390> that<00:16:10.750> customers<00:16:11.590> would<00:16:11.740> pay
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they thought that customers would pay
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they thought that customers would pay
$20<00:16:12.850> a<00:16:12.880> night<00:16:12.970> on<00:16:13.330> average<00:16:13.620> for<00:16:14.620> a<00:16:14.650> large
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$20 a night on average for a large
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$20 a night on average for a large
flat-screen<00:16:15.910> TV<00:16:16.980> now<00:16:17.980> they<00:16:18.130> had<00:16:18.280> a<00:16:18.310> sample<00:16:18.700> of
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flat-screen TV now they had a sample of
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flat-screen TV now they had a sample of
400<00:16:20.370> where<00:16:21.420> x-bar<00:16:22.420> was<00:16:22.770> $25<00:16:23.770> and<00:16:24.540> Sigma<00:16:25.740> $10<00:16:27.750> so
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400 where x-bar was $25 and Sigma $10 so
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400 where x-bar was $25 and Sigma $10 so
try<00:16:28.990> to<00:16:29.020> use<00:16:29.320> the<00:16:29.560> values<00:16:30.040> to<00:16:30.280> test<00:16:30.580> whether
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try to use the values to test whether
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try to use the values to test whether
the<00:16:31.150> mean<00:16:31.480> amount<00:16:31.990> that<00:16:32.200> they<00:16:32.350> would<00:16:32.380> be
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the mean amount that they would be
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the mean amount that they would be
willing<00:16:32.980> to<00:16:33.280> pay<00:16:33.930> differs<00:16:34.930> from<00:16:35.110> what<00:16:35.350> the
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willing to pay differs from what the
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willing to pay differs from what the
hotel<00:16:35.920> chain<00:16:36.280> thought<00:16:37.830> but<00:16:38.830> be<00:16:39.070> careful
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hotel chain thought but be careful
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hotel chain thought but be careful
unlike<00:16:40.690> the<00:16:40.870> student<00:16:41.290> debt<00:16:41.560> example<00:16:42.370> that<00:16:42.520> we
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unlike the student debt example that we
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unlike the student debt example that we
solved<00:16:43.240> this<00:16:44.050> is<00:16:44.350> a<00:16:44.740> two-tailed<00:16:45.520> test
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when<00:16:50.999> we<00:16:51.119> ask<00:16:51.300> what<00:16:51.449> should<00:16:51.990> be<00:16:52.199> done<00:16:52.379> about
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when we ask what should be done about
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when we ask what should be done about
student<00:16:53.129> debt<00:16:53.189> there<00:16:53.850> are<00:16:53.970> no<00:16:54.119> universally
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student debt there are no universally
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student debt there are no universally
agreed<00:16:55.319> right<00:16:55.619> answers<00:16:56.279> it's<00:16:57.089> expensive
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agreed right answers it's expensive
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agreed right answers it's expensive
someone<00:16:58.619> has<00:16:58.800> to<00:16:58.949> fund<00:16:59.189> it<00:17:00.110> subsidizing<00:17:01.110> any
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someone has to fund it subsidizing any
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someone has to fund it subsidizing any
student<00:17:01.800> involves<00:17:02.279> redistributing<00:17:03.029> income
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student involves redistributing income
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student involves redistributing income
is<00:17:03.720> it<00:17:04.079> right<00:17:04.350> to<00:17:04.559> do<00:17:04.740> so
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is it right to do so
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is it right to do so
but<00:17:06.390> if<00:17:06.480> we<00:17:06.630> understand<00:17:07.110> the<00:17:07.230> principles<00:17:07.799> of
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but if we understand the principles of
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but if we understand the principles of
hypothesis<00:17:08.669> testing<00:17:09.120> we<00:17:09.779> can<00:17:10.110> at<00:17:10.260> least<00:17:10.289> see
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hypothesis testing we can at least see
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hypothesis testing we can at least see
the<00:17:11.159> size<00:17:11.490> of<00:17:11.730> the<00:17:11.850> problem<00:17:12.059> and<00:17:12.539> get<00:17:13.079> some
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the size of the problem and get some
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the size of the problem and get some
idea<00:17:13.860> of<00:17:14.069> how<00:17:14.669> reliable<00:17:15.449> the<00:17:15.569> data<00:17:15.779> is<00:17:16.079> I<00:17:16.490> think
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idea of how reliable the data is I think
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idea of how reliable the data is I think
otherwise<00:17:17.880> you're<00:17:18.240> just<00:17:18.270> going<00:17:18.539> on<00:17:18.720> gut<00:17:18.899> field
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otherwise you're just going on gut field
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otherwise you're just going on gut field
but<00:17:20.429> if<00:17:20.520> you<00:17:20.640> really<00:17:20.909> want<00:17:21.120> a<00:17:21.299> robust<00:17:21.750> measure
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but if you really want a robust measure
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but if you really want a robust measure
something<00:17:22.980> defendable<00:17:24.169> then<00:17:25.169> statistics
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something defendable then statistics
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something defendable then statistics
becomes<00:17:26.279> important
00:17:41.210 --> 00:17:41.220 align:start position:0%
00:17:41.220 --> 00:17:43.280 align:start position:0%
you