Riverside Case Analysis
Essay title: Riverside Case Analysis
Introduction
Statistical analysis is an important tool in today’s business environment. The ability for businesses to use this information allows them to look deeper into business situations and gain a better understanding of what the numbers really mean. Conducting tests on probabilities and examining the averages and percentiles can prove important when making tactical decisions. For this paper, we are reviewing a study regarding the status of employment in the Riverside, California area. We have been provided with data such as age and the length of time employees have held their positions. We will address these questions and, at the end of the paper, discuss the conclusions as well as how this information may be used.
Based on the data, use descriptive statistics to summarize data
The data provided to use in this case is included in Table 1. This data represents the age and number of weeks employed of the Riverside employees.
Table 1
Weeks Employed
Weeks Employed
In order to have a better picture of this data the information is broken down and calculated in the following categories, mean, standard error, standard deviation, sample variance and confidence level. This actual numbers are show in table 2.
Table 2
Weeks Employed
37.75
18.6875
Standard Error
2.974194569
Standard Error
2.188452174
Standard Deviation
11.89677828
Standard Deviation
8.753808695
Sample Variance
141.5333333
Sample Variance
76.62916667
Conf. Level (99.0%)
8.764097452
Conf. Level (99.0%)
6.448740214
Based on the above information we find that the average age of the employees is 37.75 and the standard deviation of that age is 11.90. The average number of weeks employed is18.69 with a standard deviation of 8.75.
Develop a 99% confidence interval estimate of the mean age of newly hired employees.
Based on what we have computed above we can calculate the mean age of the employees with a 99% confidence interval. “A confidence interval for the population mean is an interval constructed around the sample mean so that we are reasonably sure, or confident, that the interval contains the population mean”. (Bowerman, OConnell 2003) With n representing the sample size of 16 and t equaling the standard error of 2.947, to compute this will use the following formula.
Based on the calculation we can conclude that a 99% confidence interval estimate of the mean age of newly hired employees is 8.77 resulting in a range of 28.98 to 46.52.
C. Conduct a hypothesis test to individuals and determine whether the mean duration of employment in Riverside is greater than the California mean duration of 17.00 weeks. Use a .01 level of significance. What is your conclusion?
In order to complete this