Project 6

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For these project assignments throughout the course you will need to reference the data in the ROI Excel spreadheet. Download it here.

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1. For each of the 2 majors, conduct a full hypothesis test at the 5% significance level:
   • The mean ‘Cost’ for a college is $160,000.

For Business versus Engineering majors conduct a full, two-sample hypothesis test at the 10% significance level (assume the variances are not equal):

• The average ’30-Year ROI’ for Business majors is less than for Engineering Majors.

1. In a highlighted box, explain how each hypothesis test contributes to the central question of which major would give the better ROI.  Why do we need hypothesis testing?  Isn’t it enough to look at the sample of 20 schools and look at those numbers?  What exactly does hypothesis testing do that looking at the numbers in the sample and saying “one is higher than the other” cannot do?  This understanding is critical to your Week 8 project.  It demonstrates that you know why you have to have hypothesis testing as opposed to looking at the mean, median, and mode from the sample and “call it a day.”