Res 342 - Exec. Summary

Problem Statement Over the years there has been much discussion and debate about earned wages between those with years of experience and those with years of education and whether one promotes higher wages than the other. “Education does indeed increase earning potential according to the Census Bureau, individuals with post graduate professional degrees can expect their lifetime earnings to be twice those of individuals with bachelor’s degrees and many times greater than the earnings of people with high school diplomas” (McMillion, 1994, p. 1). Team A has chosen the wage and wage earners data set. The Team has determined the independent variables to be years of experience, which range from zero to 54 years, and years of education that ranges from four to 18 years. The dependent variable would be the wage received by each individual. This research was from a survey of 100 people.
Hypothesis Testing Wages and wage earners in the manufacturing and construction industry have been evaluated to see if there is a significant difference between the wages earned based upon education and experience. Based on the data table it appears that the wages can be higher or lower but the variables are not just with experience and education. Education with both of these industries allows at different position or occupation but experience seems to be the variable that makes the difference. Our data table shows that wages earned in both industries can be equal to each other but the number of years of experience and years of education will separate the number of jobs available in each industry. We had a total of seventeen candidates for the manufacturing industry and only three for the construction industry. Does this mean that there are more jobs available in the industry? Maybe, however there is a significant difference in wages. In theory we would say that the construction industry has higher wages based on the results but one could argue that there was not

References: McMillion, C.W., (1994). Real Income. Harvard Business Review, 72(6), 10-11. Retrieved July 25, 2011 from EBSCOhost Sekaran, U. (2003). RESEARCH METHODS FOR BUSINESS A Skill Building Approach (4th ed.). New York, NY: John Wiles & Sons, Inc.