The document discusses hypothesis testing and outlines the key steps in the hypothesis testing process: 1) Formulating the null and alternative hypotheses about a population parameter. The null hypothesis is tested while the alternative is accepted if the null is rejected. 2) Determining the significance level and critical value based on this level which establishes the boundary for rejecting the null hypothesis. 3) Selecting a sample, calculating the test statistic and comparing it to the critical value to determine whether to reject or fail to reject the null hypothesis. 4) Hypothesis tests can be one-tailed, focusing rejection in one tail, or two-tailed, splitting rejection between both tails. Steps are generally the same but null and alternatives differ.