Rasmussen College Hypothesis Test for Population Parameter Questions

Description

Competency

Given a real-life application, develop a hypothesis test for a population parameter and its interpretation.

Instructions

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
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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 a hypothesis
testing and wants your conclusion about a claim that the average salary
for all jobs in the state of Minnesota is less than $74,500 and a second
claim that the average salary for all jobs in the state of Minnesota is
greater than $70,500.

Background information on the Data

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.

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