Reference no: EM133768038

Case Study #3is intended to test your knowledge of how to appropriately compare two means.
The data file has 50 randomly selected student debt amounts from 2019 and 50 randomly selected student debt amounts from 2013. The data fields included are as follows:
• Debt in 2019(dollars)
• Debt in 2013 (dollars)
A university representative wants to know whether the sample data provide enough evidence to believe there is a difference between the debt amounts in the two years. The null and alternative hypotheses are shown below.
• Null Hypothesis: Mean Student Debt in 2019 is equal to Mean Student Debt in 2013
• Alternative Hypothesis: Mean Student Debt in 2019 is not equal to Mean Student Debt in 2013
Complete the following tasks:
1. Run an F-test for two sample variances using an alpha level of 0.05 and answer the following questions:
a. Which of the two years has the higher mean? What are the values?
b. Which of the two years has the higher variance? What are the values?
c. Based on the statistical output, would you conclude that variances are equal or not equal? Provide an appropriate/authoritative explanation leveraging the statistical output.
2. Run an appropriate t-test (assuming either equal or unequal variances based on your conclusion in 1c above) using an alpha level of 0.05 and answer the following questions:
a. Is this a one-tailed or two-tailed test? Provide an appropriate/authoritative explanation that fully explains the choice.
b. Based on the statistical output, would you conclude that means are equal or not equal? Provide an appropriate/authoritative explanation leveraging the statistical output.
c. Using everyday language that could be understood by parents and students, what does the analysis say about student debt in 2018 versus 2013? Provide an appropriate/authoritative explanation leveraging the statistical output (e.g., use confidence level, rationale, etc.)
Make sure that you run all the required analyses using the Data Analysis Toolpak in Excel and SUBMIT the Data Analysis Output along with the Data file in a Single Excel workbook that shows all your output. You should also submit a separate Word document that fully, and professionally, responds to each question.