One Sample Hypothesis Testing - 1127 Words

One Sample Hypothesis Testing The significance of earnings is a growing faà §ade in today’s economy. Daily operation, individuals, and families alike rely heavily on each sale or paycheck to provide financial stability throughout. Depending on the nature of labor, wages are typically compensated in accords to one’s experience and education or specialization. Moreover, calculating the specified industry, occupation title, education, experience on-the-job, gender, race, age, and membership to a union will additionally influence wages. To help analyze operation pay scales and remain within budget a business should obtain data pertaining to current variations in wage. Today statistics allow a business or businesses to do so in a timely and†¦show more content†¦The team’s null hypothesis or (HO) is that white pay wages are ≠¥ Hispanic pay wages. The teams alternative hypothesis or (H1) is White pay wages are Hispanic pay wages. White wages mean = 31,387.39 Hispanic Wage mean = 33,337.00 White wages STDEV = 16,810.03 Hispanic wage STDEV = 25,843.24 Finally the team wanted to see if age played a part in the difference in pay wages. Our null hypothesis or (HO) is that White age is = to Hispanic ages. The alternative or (H1) is that White age is ≠  to Hispanic ages. White Wage age mean = 39.71429 Hispanic wage age mean = 35.5 White wage age STDEV = 12.53484 Hispanic wage age STDEV = 14.25132 Test Results This test is significant because it shows that, based on the sample population; the average Hispanic worker makes more than $30,000 per year. This is because the team performed a one tailed Z-Test to determine with 95% confidence that Hispanic wages were greater than $30,000 per year. This is a one tailed test because the alternate hypothesis is only proven when the Z Value is less than the critical value of $30,000 in this case. With a Z Value of .3163, we findShow MoreRelatedOne Sample Hypothesis Testing Paper1209 Words   |  5 PagesOne Sample Hypothesis Testing Paper Do Major League Baseball teams with higher salaries win more frequently than other teams? Although many people believe that the larger payroll budgets win games, which point does vary, depending on the situation. â€Å"†¦performances by individual players vary quite a bit from year to year, preventing owners from guaranteeing success on the field. Team spending is certainly a component in winning, but no team can buy a championship.† (Bradbury). For some, it’s hardRead MoreStatistics for Bi - Hypothesis Testing1672 Words   |  7 PagesStatistics for Business Intelligence – Hypothesis Testing Index: 1. What is Hypothesis testing in Business Intelligence terms? 2. Define - â€Å"Statistical Hypothesis Testing† – â€Å"Inferences in Business† – and â€Å"Predictive Analysis† 3. Importance of Hypothesis Testing in Business with Examples 4. 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The learning team has chosen to create a hypothesis testing using the wages and wage earnersRead MoreEvaluating The Sources Of Data Variable Is A Controlled Or Uncontrolled Experiment Using Variables1501 Words   |  7 PagesA hypothesis is a point of research for evaluating the sources of data in either a controlled or uncontrolled experiment using variables. An hypothesis is the prediction that requires the process of being proved of being false or true (Bowles, 2013). A hypothesis must be clear and simple to understand that states the purpose of a test. It must contain logical and be testable. The hypothesis defines what data variable are considered for testing. 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The purpose behind this is to establish something to test the research hypothesis against, and essentially proving that the opposite of somethingRead MoreThe Fundamental Concepts Of Statistics1309 Words   |  6 PagesQuestion 5 This paper will provide a sample of the fundamental concepts in statistics. During research there is usually variance between individuals within a group or between different groups. During hypothesis testing the researcher wants to know if the sample of data collected is truly representative of the entire population. Null hypothesis testing is concerned with the correlation or differences in means (continuous data) between groups. The null hypothesis works on the premise that there is noRead MoreQuantitative Analysis For Business Class Studying For Week Four1730 Words   |  7 PagesTeam - A (LTA) in the Quantitative Analysis for Business class studying for Week Four was both interesting and challenging for the team members. 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