unit 3 assignment u03a1 Finaldraft

MBA 6018 - U03a1
Myron Martin
Practical Application Scenario I
Inputs --

Hypothesized Population Mean:
119155
<-- Input the appropriate number for your situation

Population Standard Deviation (sigma):
30000
<-- Input the appropriate number for your situation

Sample size (n):
300
<-- Input the appropriate number for your situation

Sample Mean (X-bar)
124450
<-- Input the appropriate number for your situation

Intermediate Calculations --

Standard Error of the Estimate:
1732.0508

Test Statistic (z):
3.0570697

Results --

For the Alpha level given, H0 should be

Alpha:
0.01
0.05
0.1
One tailed, H0: Mu =>119155, p=
0.9989

not rejected not rejected not rejected

One tailed, H0: Mu <=119155, p=
0.0011

Rejected
Rejected
Rejected

Two-tailed, H0: Mu = 119155, p =
0.0022

Rejected
Rejected
Rejected

1. Null Hypothesis Ho: u > $119,155; based on 2010 survey the average annual household income has increased.

2. Alternative Hypothesis Ha: u < $119,155; based on 2010 survey the average annual household incomes is less than or equal to.

3. Utilizing the Hypothesis Tester-Single Sample, it was identified the null hypothesis was not rejected.

4. If the P-value 0.9989 is greater than alpha .05, the null hypothesis will not be rejected.

5. We can’t determine test statistic (z) is less than the sample means (x-bar) the 2012 survey stated income had increased compared to 2010 survey. We cannot justify statistically from the test or confirm magazine sales will increased from household income increasing. If the alpha was .01 the hypothesis null will not be rejected, if I had bell curve the (test statistic) P-graph would lie outside rejection region and is close to null hypothesized value.

Practical Application Scenario II
Mall Elbonia Food Prices

Mean
21.09
Standard Error
0.38
Median
20.58
Mode
#N/A
Standard Deviation
3.80
Sample Variance
14.46
Kurtosis
-0.76
Skewness
0.00
Range
16.99
Minimum
11.79
Maximum
28.78
Sum
2087.53