Introduction+to+Inference-MBA+example

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Statistics

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Apr 3, 2024

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Introduction to Inference 1. In the past, the average starting salary for MBA graduates from a local university was $88,500. This year, a random sample of 40 MBA graduates had a mean of $89,100 with a standard deviation of $2,050. Is this sufficient evidence to conclude that the average starting salary for all MBA graduates from this local university has changed? Test at the 10% level of significance. a. Determine the hypotheses. b. Verify necessary conditions (requirements) have been met and, if met or assumed met, determine the rejection rule. c. Determine the appropriate test statistic. d. Determine the p -value. e. Make a decision. f. Draw a conclusion in the context of this situation.

2. Before a multi-million-dollar campaign to redesign its hotels and promote the changes to Millennials (people born between 1981 – 1996), the mean age of Starfire Hotel’s patrons was 52 years. After the campaign, the mean age from a random sample of 40 patrons was calculated to be 47 years and the standard deviation from the sample was calculated to be 20 years. You conduct a study at the 0.05 level of significance to determine if the campaign succeeded in attracting younger clientele. g. Determine the hypotheses. h. Verify necessary conditions (requirements) have been met and, if met or assumed met, determine the rejection rule. i. Determine the appropriate test statistic. j. Determine the p -value. k. Make a decision. l. Draw a conclusion in the context of this situation. m. What type of error may have been committed in drawing the conclusion in part l? Describe the error in context of this scenario. What is the probability that error was made? n. In conducting this hypothesis test, did we prove that the null hypothesis was true? o. Go back to Question 1 and determine what type of error may have been committed, describe the error in context of the scenario in Question 1, and the probability of committing that error.

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Introduction+to+Inference-MBA+example

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