Answer & Explanation:1. For each the following variables from the Salary Data Set
provide the measures of location and measures of dispersion for the
following variables: Beginning Salary Answer: . Explanation (include any calculations or software output): Previous Experience Answer: . Explanation (include any calculations or software output): Which variable has the greatest relative variability? Answer: Explanation (include any calculations or software output): 2.
You are the manager of a high-end ladies fashion store.Β For the past
few months you have been gathering data and found that 55% of persons
entering the store actually make a purchase. Assume these data follow a
Binomial Distribution and use Excel to calculate the following binomial
probabilities: If 15 people enter the store, what is the probability that exactly 8 of them will make a purchase? Answer: . Explanation (include any calculations or software output): What is the probability that more than 8 of the 15 people will make a purchase? Answer: . Explanation (include any calculations or software output): 3.
Using the Salary Data Set what is the probability of randomly selecting
one individual (male or female) with a current annual salary of over
$40,000? Answer: Explanation (include any calculations or software output): 4.
The time required to complete a project is normally distributed with a
mean of 77 weeks and a standard deviation of 4 weeks.Β The construction
company must pay a penalty if the project is not finished by the due
date of the contract. If a construction company bidding on this contract
wishes to be 95 percent sure of finishing by the due date, use the
NORMINV Excel Function to determine what due date (project week #)
should be negotiated? Answer: . Explanation (include any calculations or software output): 5.
In a state lottery participants select 8 numbers between 1 and 49. At
the end of the week, the state lottery commission randomly draws 8
numbers between 1 and 49. How many different possible winning number
combinations could be drawn by the lottery commission? Answer: . Explanation (include any calculations or software output): 6.
From the Salary Data
Set and assuming that the salary data is a random
sample from the population of salaries from the multi-national company
use the 95% confidence level in PHStat to estimate the mean beginning
salary for company executives. The 95% confidence level interval is: Answer: Explanation (include any calculations or software output): If
you were to change the confidence level to 99%, what would happen to
the confidence interval?Β What is the 99% confidence interval? Answer: . Explanation (include any calculations or software output): 7. Using the Salary Data Set, 1.Β Create a scatter plot to show this relationship between education and current salary 2.Β Determine the correlation coefficient between the variables.Β What does this tell us about the relationship? Answer: . Explanation (include any calculations or software output): 8. Explain why rejecting the null hypothesis does not make the alternative hypothesis true. Answer in your words: 9.Β What is the purpose of statistical inference? Answer in your words: 10. What is the difference between sampling error and the standard error of the mean? Answer in your words: 11.
You are a consultant working for Kaplan Consulting. The Director of
Human Resources for a multi-national company has requested help in
investigating a pay discrimination complaint brought by a female
executive. The company provided the data in the Salary Data Set. Use
PHStat and the appropriate t test, to investigate the claim of pay
discrimination in the Beginning Salary. ΒIs there a significant difference between the average female and average male salaries?Β What is the Null and the Alternative Hypotheses? Ho: Ha: What is your level of alpha (?)? Answer: Why did you choose this level?Β Please explain in terms of Type I or Type II errors. What is the output from your analysis? Software output or calculations: What is your decision about the hypothesis based on the software output? Answer in your words: Is
there a significant difference between the average female and average
male salaries?Β Please write a written statement to the director of
Human Resources as to whether they should be concerned about the
complaint