It would be extremely helpful if you would be able to do this assignment as it w
ID: 3231836 • Letter: I
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It would be extremely helpful if you would be able to do this assignment as it will allow me to understand it better and be able to do mine after on a different topic that I have been given.
Descriptive Statistics Memo:
Now that you’re familiar with looking at data sets and extrapolating the “story” that the data reveals (your regression memo assignment), it’s time to take a more encompassing look at descriptive statistics, in particular, what statistics can tell us about different variables and what the larger picture is from that “story.”
Task:
Each of you will review your new assigned data set.
You are to:
Review your data set and all of the statistics, charts, graphs, and related data that your Excel file reveals.
Fill out the Descriptive Statistics Matrix for your data set.
Prepare a memo to me, your manager at Quanta Communications. The scenario: I’ve given you a data set at our last meeting and asked you to summarize it for me. Tell me what it entails, who might find it useful, and why.
Your memo should summarize the overall findings of your data.
What’s the story that the data tells you?
Why is that important?
Upload your memo and your completed matrix to Canvas by the due date discussed.
How should you organize your memo to give me the best information?
It’s your turn to come up with the sections (section titles) that you think are important in order for your reader to best understand your data set.
Include in an Appendix to your memo at least 2 charts or graphs that you think best illustrate what you’re summarizing. Make reference to these images. Don’t just cut and paste them; do some editing so they don’t just look cut and pasted. (You will lose points if you don’t follow this step.)
Requirements:
The first part of the memo will introduce why you’re writing the memo.
The next part will summarize what your data set is about, the scope of the data, and the descriptive statistics used in the data. In essence, you’re summarizing the information from your matrix.
Keep your memo to two pages max.
Interpret how this data can be useful.
Your closing paragraph should tell me to reach out to you if I have any additional questions.
Other considerations:
1. Your narrative must be clear enough to evaluate your interpretation of the data and your conclusions.
2. Anything merely copied/pasted from your downloaded Excel file may lead to loss of points because many of these need to be edited for clarity and design.
3. In sum: You are describing the data you have by showing that you understand the descriptive statistics presented in your data set. You are clearly articulating how your data can be used to help form an opinion or make business decisions.
Salary based on Ethnicity Not Minority Minority Mean 55678.04878 50097.36842 Median 55200 47800 Mode 56700 45600 31200 Minimum 35600 Maximum 82300 72200 46700 41000 Range Variance 141596796.1457 125797560.4552 11899.4452 11215.9512 Standard Deviation coeff. of Variation 21.37% 22.39% skewness 0.3487 0.1743 Kurtosis -0.7526 0.9796 82 38 Count Standard Error 1314.0739 1819.4675Explanation / Answer
Memo
Analysis of salary for 120 employee
Comparison of Salary between Not Minority and Minority group
The average salary of Not Minority group is higher as compared to average salary of Minority group.
Two-Sample T-Test and CI
Sample N Mean StDev SE Mean
1 82 55678 11899 1314
2 38 50097 11216 1819
Difference = mu (1) - mu (2)
Estimate for difference: 5580.68
95% CI for difference: (1038.02, 10123.34)
T-Test of difference = 0 (vs not =): T-Value = 2.43 P-Value = 0.016 DF = 118
Both use Pooled StDev = 11689.4311
There is statistically significant difference in the average salary between Not Minority and Minority group.
Median salary for Not Minority group is 55200 which means 50% of the Not minority group have salary less than 55200 and 50% of the Not minority have salary greater than 55200
Range is 46700 for Not minority group which means that the difference between maximum and minimum is 46700
Mode which is the highest occurring salary , is 56700 for Not minority whereas 45600 for minority group.
The data appears to be normally distributed because mean, median and mode are almost same also value of skewness and kurtosis is near zero.
Is there any relationship between Salary and age of the respondent?
Based on the regression analysis there is statistically significant effect on salary because of the age. As the age increases the salary increases. The p value in regression output is 0 which means age has significant impact on salary.
As the age increases by 1 year, salary increases by 466.65.
Also since r-square is 26% which means 26% of the variation in the salary is contributed by age while there are other factors also which contributes 74% variation.
Other factors like years in job, job class, Ethnicity & gender can also cause variation in salary.
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