Reference no: EM131090826

Below is a summary of the expectations for Phase 4 of the course project:

1. Introduce your scenario and data set.
o Provide a brief overview of the scenario you are given above and the data set that you will be analyzing.
o Classify the variables in your data set.
- Which variables are quantitative/qualitative?
- Which variables are discrete/continuous?
- Describe the level of measurement for each variable included in your data set.

2. Discuss the importance of the Measures of Center and the Measures of Variation.
o What are the measures of center and why are they important?
o What are the measures of variation and why are they important?

3. Calculate the measures of center and measures of variation. Interpret your results in context of the selected topic.
o Mean
o Median
o Mode
o Midrange
o Range
o Variance
o Standard Deviantion

4. Discuss the importance of constructing confidence intervals for the population mean.
o What are confidence intervals?
o What is a point estimate?
o What is the best point estimate for the population mean? Explain.
o Why do we need confidence intervals?

5. Based on your selected topic, evaluate the following:
o Find the best point estimate of the population mean.
o Construct a 95% confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown.
- Please show your work for the construction of this confidence interval and be sure to use the Equation Editor to format your equations.
o Write a statement that correctly interprets the confidence interval in context of your selected topic.

6. Based on your selected topic, evaluate the following:
o Find the best point estimate of the population mean.
o Construct a 99% confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown.
- Please show your work for the construction of this confidence interval and be sure to use the Equation Editor to format your equations.
o Write a statement that correctly interprets the confidence interval in context of your selected topic.

7. Compare and contrast your findings for the 95% and 99% confidence interval.
o Did you notice any changes in your interval estimate? Explain.
o What conclusion(s) can be drawn about your interval estimates when the confidence level is increased? Explain.

8. Discuss the process for hypothesis testing.
o Discuss the 8 steps of hypothesis testing?
o When performing the 8 steps for hypothesis testing, which method do you prefer; P-Value method or Critical Value method? Why?

9. Perform the hypothesis test.
o If you selected Option 1:
- Original Claim: The average salary for all jobs in Minnesota is less than $65,000.
- Test the claim using α = 0.05 and assume your data is normally distributed and σ is unknown.
o Based on your selected topic, answer the following:

1. Write the null and alternative hypothesis symbolically and identify which hypothesis is the claim.

2. Is the test two-tailed, left-tailed, or right-tailed? Explain.

3. Which test statistic will you use for your hypothesis test; z-test or t-test? Explain.

4. What is the value of the test-statistic? What is the P-value? What is the critical value?
5. 5.) What is your decision; reject the null or do not reject the null?
a. Explain why you made your decision including the results for your p-value and the critical value.
6. State the final conclusion in non-technical terms.

10. Conclusion
o Recap your ideas by summarizing the information presented in context of your chosen scenario.

Attachment:- Project Data Set.rar