This week you will begin working on Phase 3 of your course project. Using the same data set and variables for your selected topic that you used for phases 1 and 2, add the following information to your analysis:
- Discuss the process for hypothesis testing.
- Explain the 8 steps of hypothesis testing
- When performing the 8 steps for hypothesis testing, which method do you prefer; P-Value method or Critical Value method? Why?
- Perform the hypothesis test.
Claim: The average salary for all jobs in Minnesota is less than $65,000. Test the claim using α = 0.05 and assume your data is normally distributed and σ is unknown.
Based on your selected topic, perform and document the following steps:
- Write the null and alternative hypothesis symbolically and identify which hypothesis is the claim.
- Is the test two-tailed, left-tailed, or right-tailed? Explain.
- Which test statistic will you use for your hypothesis test; z-test or t-test? Explain.
- What is the value of the test-statistic? Show your calculation
- What is the P-value? Explain how you determined it
- What is the critical value? Explain how you calculated it
- What is your decision? Reject the null or do not reject the null? Explain why you made your decision including the results for your p-value and the critical value.
- State the final conclusion in non-technical terms.
Please show your work for the construction of the test-statistic
and explain your process for finding the p-value and critical value.
You may use the Equation Editor to format your calculation steps on the
Word document/ Attached is the word documents that will help with this assignment