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stas2 case1_2011

stas2 case1_2011 - BA 3400 Advance Statistical Methods BA...

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BA 3400 Advance Statistical Methods BA 3400 Winter 2011 Case Study 1
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BA 3400 Advance Statistical Methods BA 3400 Case Study Submission Cover Sheet Case Study # 1 Chapter 9 and 10 Testing Hypotheses about Expected Salary and Student Loan Debt Date Submitted: 01/31/2011 Submitted by: Rachel Levine QUESTION 1.A Using the data provided in the Case #1 Data Set, show and discuss the descriptive statistics that describes the projected salaries that were reported in the Initial Student Survey. BA 3400 Winter 2011 Case Study 1
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BA 3400 Advance Statistical Methods Expected Salary Mean 62616.6666 7 Standard Error 2314.37425 6 Median 60000 Mode 50000 Standard Deviation 25352.6997 3 Sample Variance 642759383. 8 Kurtosis 9.97922621 5 Skewness 2.57780687 1 Range 175000 Minimum 25000 Maximum 200000 Sum 7514000 Count 120 1a. When it come to the data used in case 1 data set the Descriptive statistics for the projected salaries for our 120 student stats survey with information provided on expected salaries its mean was 62616.67 rounded at $62,617 dollars per year. The median was expected at 60,000 dollars with a mode being that most of the students said to expect close to $50,000 dollars. When it comes to the standard deviation it’s at 23252.7 rounded at 23,253 with its skewness at 2.5778 that is positive with 95% confidence and with an estimated interval between $60,302 and $64,930. BA 3400 Winter 2011 Case Study 1
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BA 3400 Advance Statistical Methods Question 1b: Test the claim (alpha = .05) that expected salaries upon graduation will be at least $60,000. Hypothesis Test about Population Mean Pop Standard Deviation Unknown Sample Size 120 Sample Mean 62616.6666 7 Sample Standard Deviation 25352.6997 3 Hypothesized Value 60000 Standard Error 2314.37425 6 Test t 1.13061518 Degrees of Freedom 119 p-value (lower tail) 0.86975467 4 p-value (upper tail) 0.13024532 6 p-value (two tail) 0.26049065 2 1. B. When testing the claim at alpha=.05 the salaries upon graduation will be at $60,000. The test statistic was 1.13 which is less than 1.96 so we must fail to reject the null hypothesis that all students at WSU expect to make an annual salaries of $60,000 a year upon graduation. For this entails that it is a two tailed test is 1.980272226 and rounded is 1.98 with a 95% confidence level.
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