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## Hypothesis Testing and Confidence Intervals

Order ID53563633773 TypeEssay Writer LevelMasters StyleAPA Sources/References4 Perfect Number of Pages to Order5-10 Pages

Description/Paper Instructions

Hypothesis Testing and Confidence Intervals

Math533 Project Part B: Hypothesis Testing and Confidence Intervals

Your manager has speculated the following:

a. the average (mean) annual income was greater than $45,000,

b. the true population proportion of customers who live in a suburban area is less than 45%,

c. the average (mean) number of years lived in the current home is greater than 8 years,

d. the average (mean) credit balance for rural customers is less than $3200.

Using the sample data, perform the hypothesis test for each of the above situations in order to see if there is evidence to support your manager’s belief in each case a.-d. In each case use the Seven Elements of a Test of Hypothesis, in Section 6.2 of your text book with α = .05, and explain your conclusion in simple terms. Also be sure to compute the p-value and interpret.

Follow this up with computing 95% confidence intervals for each of the variables described in a.-d., and again interpreting these intervals.

Write a report to your manager about the results, distilling down the results in a way that would be understandable to someone who does not know statistics. Clear explanations and interpretations are critical.

All DeVry University policies are in effect, including the plagiarism policy.

Project Part B report is due by the end of Week 6.

Project Part B is worth 100 total points. See grading rubric below.

Submission: The report from part 3 + all of the relevant work done in the hypothesis testing (including Minitab) in 1., and the confidence intervals (Minitab) in 2 as an appendix.Format for report:

Summary Report (about 1 paragraph on each of the speculations a.-d.)

Appendix with all of the steps in hypothesis testing (the format of the Seven Elements of a Test of Hypothesis, in Section 6.2 of your text book) for each speculation a.-d. as well as the confidence intervals, and including all Minitab outputProject Part B: Grading Rubric

Category Points % Description

Addressing each speculation – 20 pts. each 80 80 hypothesis test, interpretation, confidence interval and interpretation

Summary report 20 20 1 paragraph on each of the speculations

Total 100 100 A quality paper will meet or exceed all of the above requirements.Project Part C: Regression and Correlation Analysis

Using MINITAB perform the regression and correlation analysis for the data on CREDIT BALANCE (Y) and SIZE (X) by answering the following.

1. Generate a scatterplot for INCOME ($1000) vs. CREDIT BALANCE($), including the graph of the “best fit” line. Interpret.

2. Determine the equation of the “best fit” line, which describes the relationship between INCOME and CREDIT BALANCE.

3. Determine the coefficient of correlation. Interpret.

4. Determine the coefficient of determination. Interpret.

5. Test the utility of this regression model (use a two tail test with α =.05). Interpret your results, including the p-value.

6. Based on your findings in 1-5, what is your opinion about using CREDIT BALANCE to predict INCOME? Explain.

7. Compute the 95% confidence interval for beta-1 (the population slope). Interpret this interval.

8. Using an interval, estimate the average income for customers that have credit balance of $4,000. Interpret this interval.

9. Using an interval, predict the income for a customer that has a credit balance of $4,000. Interpret this interval.

10. What can we say about the income for a customer that has a credit balance of $10,000? Explain your answer.

11.

In an attempt to improve the model, we attempt to do a multiple regression model predicting INCOME based on CREDIT BALANCE, YEARS and SIZE.

Using MINITAB run the multiple regression analysis using the variables CREDIT BALANCE, YEARS and SIZE to predict INCOME. State the equation for this multiple regression model.

12. Perform the Global Test for Utility (F-Test). Explain your conclusion.

13. Perform the t-test on each independent variable. Explain your conclusions and clearly state how you should proceed. In particular, which independent variables should we keep and which should be discarded.

14. Is this multiple regression model better than the linear model that we generated in parts 1-10? Explain.

All DeVry University policies are in effect, including the plagiarism policy.

Project Part C report is due by the end of Week 7.

Project Part C is worth 100 total points. See grading rubric below.

Summarize your results from 1-14 in a report that is three pages or less in length and explains and interprets the results in ways that are understandable to someone who does not know statistics.Submission: The summary report + all of the work done in 1-14 (Minitab Output + interpretations) as an appendix.

Format:

Summary Report

Points 1-14 addressed with appropriate output, graphs and interpretations. Be sure to number each point 1-14.Project Part C: Grading Rubric

Category Points % Description

Questions 1 – 12 and 14 – 5 pts. each 65 65 addressed with appropriate output, graphs and interpretations

Question 13 15 15 addressed with appropriate output, graphs and interpretations

Summary 20 20 writing, grammar, clarity, logic, and cohesiveness

Total 100 100 A quality paper will meet or exceed all of the above requirements.

RUBRIC

QUALITY OF RESPONSENO RESPONSEPOOR / UNSATISFACTORYSATISFACTORYGOODEXCELLENTC ontent (worth a maximum of 50% of the total points)Zero points: Student failed to submit the final paper.20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking.30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking.40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete.50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing.Use of Sources (worth a maximum of 20% of the total points).Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper.5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6^{th}Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper.10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6^{th}Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources.15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6^{th}Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources.20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6^{th}Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment.Grammar (worth maximum of 20% of total points)Zero points: Student failed to submit the final paper.5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage.20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free.Structure of the Paper (worth 10% of total points)Zero points: Student failed to submit the final paper.3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6^{th}edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6^{th}edition requirements whatsoever.5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6^{th}edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment.10 points: Student provides a high-caliber, formatted paper. This includes an APA 6^{th}edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.## GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER

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