Question Details

MM 305 Unit 4 Project
•	In this project you will be using the Salary Data file that is found in Doc Sharing under the Instructor-Graded Projects:
•	Steps for accessing the Salary Data file:
1.	Open your Excel with PhStat2
2.	Click File—Open 
3.	Select the Salary Data file
•	Not all questions require the use of technology or the Salary Date file. 
•	You may insert your answers, including any charts, graphs, or output, on this document.
•	Be sure to put your name on this document and save it to your computer. 

1. For each the following variables from the Salary Data Set provide the measures of location and measures of dispersion for the following variables:
1.	Current Salary
2.	Education
3.	Which variable has lesser relative variability?

2. You are the manager of a high-end ladies fashion store.  For the past few months you have been gathering data and found that 36% 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:
1.	If 17 people enter the store, what is the probability that 8 of them will make a purchase? 
2.	What is the probability that at least 5 of the 17 people will make a purchase? 
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 $48,000? 
4. The time required to complete a project is normally distributed with a mean of 73 weeks and a standard deviation of 6 weeks.  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?
5. In a state lottery participants select 6 numbers between 1 and 75. At the end of the week, the state lottery commission randomly draws 6 numbers between 1 and 75. How many different possible winning number combinations could be drawn by the lottery commission? 
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. 
1.	The 95% confidence level is: 
2.	If you were to change the confidence level to 90%, what would happen to the confidence interval?

7. Using the Salary Data Set, 
1.	Create a scatter plot to show this relationship between beginning salary and previous experience
2.	Determine the correlation between the variables

8. Explain why accepting the null hypothesis does not make the null hypothesis true.
9.  What is the purpose of statistical inference? 
10. What is the difference between cluster sampling and the stratified sampling?
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.  The output of the t test to investigate the claim of pay discrimination in the current salaries is included here:
1.	Your null and alternative hypotheses;
2.	The level of alpha you elect to use and why in terms of Type I or Type II error; 
3.	One or Two Sided Test
4.	Your interpretation of the results; and 
5.	A written statement to the director of Human Resources as to whether they should be concerned about the complaint. 

Submitting Your Project

•	Save your project in a location that you will remember and with your full name. When you are ready to submit your project, click on the Dropbox and complete the steps below:
•	Click the link that says, “Submit an Assignment.”
•	In the “Submit to Basket” menu, select Unit 4 Project.
•	In the “Comments” field include your name.
•	Click the “Add Attachments” button.
•	Follow the steps listed to attach your Word Document.
•	You should revisit the Dropbox to view any helpful feedback your instructor has and to retrieve your graded project.
•	Make sure that you save a copy of your submitted project.