Correlation and Regression Analysis

/in /by

Correlation and Regression Analysis

  1. Introduce your scenario and data set.
    • Provide a brief overview of the scenario you are given above and the data set that you will be analyzing.
    • Classify the variables in your data set.
      • Which variables are quantitative/qualitative?
      • Which variables are discrete/continuous?
      • Describe the level of measurement for each variable included in your data set.
  1. Discuss the importance of the Measures of Center and the Measures of Variation.
    • What are the measures of center and why are they important?
    • What are the measures of variation and why are they important?
  1. Calculate the measures of center and measures of variation. Interpret your results in context of the selected topic.
    • Mean
    • Median
    • Mode
    • Midrange
    • Range
    • Variance
    • Standard Deviation
  1. Discuss the importance of constructing confidence intervals for the population mean.
    • What are confidence intervals?
    • What is a point estimate?
    • What is the best point estimate for the population mean? Explain.
    • Why do we need confidence intervals?
  1. Based on your selected topic, evaluate the following:
    • Find the best point estimate of the population mean.
    • Construct a 95% confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown.
      • Please show your work for the construction of this confidence interval and be sure to use the Equation Editor to format your equations.
    • Write a statement that correctly interprets the confidence interval in context of your selected topic.
  1. Based on your selected topic, evaluate the following:
    • Find the best point estimate of the population mean.
    • Construct a 99% confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown.
      • Please show your work for the construction of this confidence interval and be sure to use the Equation Editor to format your equations.
    • Write a statement that correctly interprets the confidence interval in context of your selected topic.
    • Compare and contrast your findings for the 95% and 99% confidence interval.
      • Did you notice any changes in your interval estimate? Explain.
      • What conclusion(s) can be drawn about your interval estimates when the confidence level is increased? Explain.
  1. Discuss the process for hypothesis testing.
    • Discuss 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?
  1. Perform the hypothesis test.
    • If you selected Option 1:
      • Original 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.

      Conclusion

      • Recap your ideas by summarizing the information presented in context of your chosen scenario.

      • Please be sure to show all of your work and use the Equation Editor to format your equations.

      This assignment should be formatted using APA guidelines and a minimum of 2 pages in length.