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Analysis of Projected Salaries Based on Initial Student Survey Data - Document preview page 1

Analysis of Projected Salaries Based on Initial Student Survey Data - Page 1

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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.

Daniel Kim
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Analysis of Projected Salaries Based on Initial Student Survey Data - Page 1 preview imageAnalysis of Projected Salaries Based on Initial Student Survey DataIn 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 thesteps 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 alpha)•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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Analysis of Projected Salaries Based on Initial Student Survey Data - Page 2 preview image
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Analysis of Projected Salaries Based on Initial Student Survey Data - Page 3 preview image2Question #11a:Using the sample data provided in the ISS Data Set,show and discuss the descriptivestatistics that describes the projected salaries that were reported in the Initial StudentSurvey.Expected SalaryMean$62,586.21Median$55,000.00Mode$50,000.00Standard Deviation60247.35889SampleVariance3629744253Kurtosis62.91983347Skewness7.666227005Range$600,000.00Minimum$0.00Maximum$600,000.00Sum$9,075,000.00Count145There are 145 complete observations for Expected Salaries.The minimum expected salary is $0 while thehighest 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 atleast $65,000. Assume population SD(Sigma)is known to be $20000H0: μ ≥ 65000H1: μ < 65000α = .05Test Stat:nxz0−=
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Analysis of Projected Salaries Based on Initial Student Survey Data - Page 4 preview image3145200006500062,586.21−== 0.3529P-value (one-tailed) = 0.6379Fail to reject the Null Hypothesis because thep-value is greater than 0.05.Sample data does not provide enough evidence to reject the claim thatexpected salaries ofall students upon graduation will be at least $65,000.1c:Test the claim (alpha = .05 and at alpha = .10) that expected salaries upon graduation willbe $65,500. Assume population SD(Sigma)is known to be $20000.Discuss the difference or similarities of these findings.H0:μ = 65500H1: μ ≠ 65500Test Stat:nxz0−=145200006550062,586.21−==-1.7543P-value = 0.0794Reject H0atα = .10 but NOT at α = .05.At α = .10Reject H0because the p-value is less than 0.10.Sample data provides evidence to reject the claim thatexpected salaries upon graduationwill be $65,500.At α= .05Fail toreject H0because the p-value is greater than 0.05.Sample data does not provide evidence to reject the claim thatexpected salaries upongraduation will be $65,500.
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Analysis of Projected Salaries Based on Initial Student Survey Data - Page 5 preview image4Question #22a:Based on the sample data collected in the Student Survey, is there a difference in theexpected salaries upon graduation as reported by women when compared to the expectedsalaries reported by men? Alpha = .06H0:μmen-μwomen= 0H1:μmen-μwomen≠ 0α = .06t-Test: Two-Sample Assuming Unequal VariancesMaleFemaleMean70038.9610454147.05882Variance6598669515180067603.2Observations7768Hypothesized Mean Difference0df81t Stat1.690770843P(T<=t) two-tail0.094725365t Critical two-tail1.90750138We assume that variances are not equal becausesmen/swomen= 6.05 > 1.5.Test Stat: t = 1.69077, df = 81P-value = 0.0947Fail 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 graduationas 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 tobe over $100K), based on the sample data collected in the Student Survey, is there adifference in the expected salaries upon graduation as reported by women when comparedto the expected salaries reported by men? Alpha = .06H0: μmen-μwomen= 0H1:μmen-μwomen≠ 0
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Subject
Economics

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