Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Use Table 1 of Appendix B. Public Accountant Financial Planner 50.2 49 58.8 49.2 56.6 53.1 58.2 55.9 54.2 51.9 55 53.6 50.9 49.7 59.5 53.9 57 51.3 51.9 48.9 a. Use a .05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. What is the mean and standard deviation of the normal distribution that can be used for this statistical test (to 2 decimals if necessary)? Mean 105 in thousands Standard deviation in thousands 13.23 What is the sum of the ranks for public accountants (to 1 decimal)? 136.5 b. What is the value of the test statistic (to 2 decimals) 136.50 3 What is the p-value for the hypothesis test (to 4 decimals)? 0.0192 Using a = .05, what is your conclusion? Conclude there is a salary difference between the two professions c. What are the sample median annual salaries for the two professions (to 2 decimals)? Public Accountant Median s 55,23 'in thousands Financial Planner Median $ 51.65 in thousands

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.