Project Assignment
I. For each of the 2 majors, conduct a full hypothesis test at the 0.01% significance level:
Claim: The mean ‘Cost' for a college is $160,000.
You get things like the standard deviation through Excel calculations. Remember, your sample size is 20, and you don't know the population standard deviation.
II. For Business versus Engineering majors conduct a full, two-sample hypothesis test at the 10% significance level (assume the variances are not equal). Claim: the average '30-Year ROI' for Business majors is less than for Engineering Majors.
III. Answer these questions that will go into the paper.
i. Will one of the two majors cost more than the other according to the average cost calculated with the sample data? If so, which one?
ii. Does the hypothesis tests support that one of the majors costs more than another? If so, which one costs more?
iii. Why did we need the hypothesis test if Week 2 showed us which school from the sample cost more?
iv. According to these results, what would you tell our student who is choosing between majors if he/she asked, "What is it going to cost to attend a business/engineering school?"
Format your assignment according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.