What type of survey method the researcher could use

Reference no: EM133533103

Statistics for Business Decisions

Purpose:
This assignment aims at assessing students' understanding of different qualitative and quantitative research methodologies and techniques. Other purposes are:

(a) Explain how statistical techniques can solve business problems
(b) Identify and evaluate valid statistical techniques in a given scenario to solve business problems
(c) Explain and justify the results of a statistical analysis in the context of critical reasoning for a business problem solving
(d) Apply statistical knowledge to summarize data graphically and statistically, either manually or via a computer package
(e) Justify and interpret statistical/analytical scenarios that best fit business solution

Preamble

As you're taking this course, your plan is to graduate, get a good job and draw a high salary. You have probably assumed that more education equals better job equals higher income. Is this true? To confirm this belief, a researcher plans to survey a sample of Australian adults.

A social survey recorded the data for two variables - annual income and years of education - to help determine whether education and income are related and, if so, what the value of an
additional year of education might be. Perform the analysis by answering PARTS Ia-Id below.

Part I
Answer the following questions in relation to the data collection for the analysis that more education leads to higher income:
a. What type of survey method the researcher could use and why?
b. What sampling method could the researcher use to select the sample and why?
c. What are the most important variables the researcher should consider collecting data for the purpose of this analysis and why? Identify the data type(s) for the variables.
d. What kind of issues the researcher may face in this data collection?

Suppose the researcher collected data from 1200 randomly selected Australian adults. For each adult, the annual income (in $) and the number of years of education were recorded. The data are stored in file INCOME.xlsx. Using this data and EXCEL, answer PARTS II-III below.

Part II
First, the researcher wishes to use the graphical descriptive methods to present the data.

a. He suggests using class intervals such as 0-2, 2-4, 4-6, .... 22-24 for the Years of Education and class intervals 0-15000, 15000-30000, 30000-45000, .... 150000-165000, for Income. Use appropriate BIN values from these class intervals to draw a histogram for each variable, and comment on the shape of the two distributions.
b. Prepare a numerical summary report about the data for the two variables (Income and Years of education) by including the summary measures, mean, median, range, variance, standard deviation, smallest and largest values and the three quartiles, for each variable. Comment on the skewness of the distribution of the two variables.
c. Use five of the above summary measures to represent the information in a box plot for each variable.
d. Using the box plots and the lower and upper fences, identify any outliers in the data for the two variables.

Part III
a. Draw a scatter plot between the two variables. Briefly explain the selection of each variable on the X and Y axes and why. What is the dependent variable and the independent variable?
b. Estimate a simple linear regression model and present the estimated linear equation. Interpret the coefficient estimates (intercept and slope) of the linear model.
c. Find the correlation coefficient, R value, and comment on it.
d. Find the coefficient of determination, R-squared (R2) value. Comment on the fitness of the regression model.

Part IV
Consolidating the answers in Part I to Part III, and using any other information generated from the same data using the appropriate data analytics techniques studied in this unit, write a report answering the critical question; are years of education and income related?

Attachment:- Statistics for Business Decisions.rar

Reference no: EM133533103

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