Fix paper-deliverable 4 – hypothesis tests
Here is what professor says needs fixed..
All problems are solved correctly and mostly complete and detailed steps are provided to explain how to solve each. Your explanations demonstrate a basic understanding of most of the statistical concepts, but a couple of key concepts are missing.
Your description of the 8 steps of hypothesis testing are correct, but you also need to include the decision criteria for both the P-Value method and the critical value method.
There are a couple of corrections to be made with your critical value as well. First, you must show your work for how you compute your critical value. Second, this is a t-test so there should be no z statistics involved at any point.
Other than that your calculations are correct and your explanations are accurate.
Here is what the assignment is..
Given a real-life application, develop a hypothesis test for a population parameter and its interpretation.
Scenario (information repeated for deliverable 01, 03, and 04)
A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $40,000 to $120,000 per year. As a Business Analyst, your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:
- A listing of the jobs by title
- The salary (in dollars) for each job
In prior engagements, you have already explained to your client about the basic statistics and discussed the importance of constructing confidence intervals for the population mean. Your client says that he remembers a little bit about hypothesis testing, but he is a little fuzzy. He asks you to give him the full explanation of all steps in a hypothesis testing and wants your conclusion about a claim that the average salary for all jobs in the state of Minnesota is less than $65,000.
Background information on the Data
The data set in the spreadsheet consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $40,000 to $120,000 for the state of Minnesota.
What to Submit
Your boss wants you to submit the spreadsheet with the completed calculations. Your research and analysis should be present within the answers provided on the worksheet
Below are the assignments that need fixed..