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Analysis of Projected Salaries Based on Initial Student Survey Data

A study based on a student survey examining projected salaries and their correlation with educational backgrounds and field choices.

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    Analysis of Projected Salaries Based on Initial Student Survey Data In supporting your answers, where appropriate: • Use the data set that is part of this assignment • Answer all questions in the order and space provided • Follow the steps that we discussed in class to conduct these analyses • Include a complete Hypothesis Statement • Include relevant tables from Excel (but not complete data set) • Cite specific values (p - value, critical value and alp ha) • Show/discuss the steps that you used to arrive at each answer • Follow the steps that we discussed in class to conduct procedure • Include ANOVA table • Conduct and show work for multiple comparison tests (if required)

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    2 Question #1 1a: Using the sample data provided in the ISS Data Set, show and discuss the descriptive statistics that describes the projected salaries that were reported in the Initial Student Survey. Expected Salary Mean $62,586.21 Median $55,000.00 Mode $50,000.00 Standard Deviation 60247.35889 Sample Variance 3629744253 Kurtosis 62.91983347 Skewness 7.666227005 Range $600,000.00 Minimum $0.00 Maximum $600,000.00 Sum $9,075,000.00 Count 145 There are 145 complete observations for Expected Salaries. The minimum expected salary is $0 while the highest is $600,000. The mean expected salary is $62,586.21 and the median is $55,000. The distribution of expected salary is skewed to the right. 1b: Test the claim (alpha = .05) that expected salaries of all students upon graduation will be at least $ 65,000 . Assume population SD (Sigma) is known to be $ 20 000 H 0 : μ ≥ 65000 H 1 : μ < 65000 α = .05 Test Stat: n x z   0 − =

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    3 145 20000 65000 62,586.21 − = = 0.3529 P - value (one - tailed) = 0.6379 Fail to reject the Null Hypothesis because the p - value is greater than 0.05. Sample data does not provide enough evidence to reject the claim that expected salaries of all students upon graduation will be at least $ 65,000. 1c: Test the claim (alpha = .05 and at alpha = . 10 ) that expected salaries upon graduation will be $ 65,500 . Assume population SD (Sigma) is known to be $ 20 000. Discuss the difference or similarities of these findings. H 0 : μ = 65500 H 1 : μ ≠ 65500 Test Stat: n x z   0 − = 145 20000 65500 62,586.21 − = = - 1.7543 P - value = 0.0794 Reject H 0 at α = .10 but NOT at α = .05. At α = .10 Reject H 0 because the p - value is less than 0.10. Sample data provides evidence to reject the claim that expected salaries upon graduation will be $ 65,500. At α= .05 Fail to reject H 0 because the p - value is greater than 0.05. Sample data does not provide evidence to reject the claim that expected salaries upon graduation will be $ 65,500.

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    4 Question # 2 2a: Based on the sample data collected in the Student Survey, is there a difference in the expected salaries upon graduation as reported by women when compared to the expected salaries reported by men? Alpha = .06 H 0 : μ men - μ women = 0 H 1 : μ men - μ women ≠ 0 α = .06 t - Test: Two - Sample Assuming Unequal Variances Male Female Mean 70038.96104 54147.05882 Variance 6598669515 180067603.2 Observations 77 68 Hypothesized Mean Difference 0 df 81 t Stat 1.690770843 P(T<=t) two - tail 0.094725365 t Critical two - tail 1.90750138 We assume that variances are not equal because s men /s women = 6.05 > 1.5. Test Stat: t = 1.69077, df = 81 P - value = 0.0947 Fail to reject the Null Hypothesis because the p - value (.0947) is greater than .06. Based on the sample data , there is no difference in the expected salaries upon graduation as reported by women when compared to the expected salaries reported by men. 2b: If you were to remover outliers in the data (reports of $0 income and anything reported to be over $100K), based on the sample data collected in the Student Survey, is there a difference in the expected salaries upon graduation as reported by women when compared to the expected salaries reported by men? Alpha = .06 H 0 : μ men - μ women = 0 H 1 : μ men - μ women ≠ 0

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