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According to the Center on Budget and Policy Priorities article "Curbing Flexible Spending Accounts Could Help Pay for Health Care Reform" (revised June 10, 2009), flexible spending accounts encourage the over-consumption of health care; people buy things they do not need, otherwise they lose the money. In 2007, for those that did not use all of their account (about one out of every seven), the average amount lost was $723.
Suppose a random sample of 150 employees who did not use all of their funds in 2009 is taken and an average amount of $683 was lost. Test the hypothesis that there is no significant difference in the average amount forfeited. Assume that σ = $307 per year. Use α = 0.05.
a. Define the parameter.b. State the null and alternative hypotheses.c. Specify the hypothesis test criteria.d. Present the sample evidence.e. Find the probability distribution information.f. Determine the results.
Is this a one- or two-tailed test?
What are other analytics that could be done for this client that would add insight - What was the most important attribute the client should take away from this analysis and why
Professional presentation style
Conduct an ANOVA
Calculate the mean and standard deviation of # of sales people (x) and sales (y). Find sample size n - Calculate the correlation coefficient with all three methods (covariance method, z-score method, and correlation tool in Excel).
What is the probability
1. Hydrology is the scientific study of the movement, distribution, and quality of water. Hydrologists have shown that the distribution of long duration (e.g. monthly or yearly totals) of such things as river discharge or rainfall is often app..
The results of Computerworld's annual job satisfaction survey showed that 28% of IS managers were very satisfied with their job. 46%= somewhat satisfied, 12% neither satisfied or dissatisfied, 10% dissatisfied, and 4% very dissatisfied.
Determine the correlation coefficient. Find the predicted value of Y given X = 75. Give an interpretation of the predicted value in the context of the problem.
Movie Budgets. How does the cost of a movie depend on its length? Data on the cost (millions of dollars) and the running time (minutes) for 29 films of 2005 are provided in the SPSS data set called Movie_budgets.sav (found on your class site..
Determine whether the variable of interest has a binomial distribution.
In a survey to determine child care costs for working parents, the local Chamber of Commerce randomly samples licensed child care centers in four regions of the metropolitan area. The purpose of the survey is to see whether and how average child c..
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