Accounting

Evaluate hypothesis tests for population parameters from one population.

 

 

 

Scenario (information repeated for deliverable 01, 03, and 04)

 

A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $30,000 to $200,000 per year. As a Business Analyst, your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:

·         A listing of the jobs by title

·         The salary (in dollars) for each job

 

 

In prior engagements, you have already explained to your client about the basic statistics and discussed the importance of constructing confidence intervals for the population mean. Your client says that he remembers a little bit about hypothesis testing, but he is a little fuzzy. He asks you to give him the full explanation of all steps in hypothesis testing and wants your conclusion about two claims concerning the average salary for all jobs in the state of Minnesota.

 

 

The data set in the spreadsheet consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $30,000 to $200,000 for the state of Minnesota.

 

 

 

Your boss wants you to submit the spreadsheet with the completed calculations, answers, and analysis.