QNT 561 Week 5 Individual Assignment
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Using the research question and the two variables that your learning team developed for the Week 2 Business Research Project Part 1 assignment, write a paper and create a spreadsheet that includes the following:
- State the research question.
- State the variables of interest that will be measured or analyzed in the study.
- Include the (mock) data as an Appendix or in the spreadsheet.
- Select a hypothesis test (test of means, test of proportions, Chi Squared test, etc) that can be used to test the research question.
- Conduct the hypothesis test on the data in Excel. Summarize the results of the test in the paper.
- Use the level of significance that you think is appropriate for the task (α = 0.05 or 0 01 are commonly used).
- Interpret the results and share your findings as they relate to the research question.
Format your paper consistent with APA guidelines. The paper should be no more than 350 words.
Submit both the spreadsheet and the paper.
Click the Assignment Files tab to submit your assignment.
For instructional purposes, I have decided to do one example for each team in no particular order. These are not the only ideas that you could have used, but they are ideas that fit the research plan described by the teams in earlier weeks as well as fit the requirement listed above.
Organization: NRG Oil & Gas
Research Question: Several suggestions were made by the team. They all deal with oil spills, their causes, and potential adverse effects on the coastal population. For example: (1) For those residents effected by a spill, is the average health care cost for spill related treatment more than $300,000? (2) Do all causes of the spill – Fire, Collision, Grounding, Hull Failure – have an equal chance of occurring? (3) Are the mean spill volume for each cause the same?
Population and Sample: These will also vary based on the research question. The population may be all residents of coastal areas. It may be all documented oil spills in the last xx years. In any case, a sample should be taken using a probabilistic technique – random sampling, cluster sampling, stratified random sampling, etc – that seeks to be representative of the population. The sample should be large enough to minimize sampling error, likely in the hundreds of elements. (385??)
Summary of Variables: The variables being studied differ for each research question. Cause of spill is a nominal variable (Fire, Collision, Grounding, Hull Failure). Spill Volume is a quantitative variable at the ratio level. Health Care Cost is a quantitative variable at the ratio level.
Hypothesis Test: For the purposes of this example, I chose the research question: For those residents effected by a spill, is the average health care cost for spill related treatment more than $300,000?
Suppose I have data for 300 residents in coastal Texas, Louisiana, and Mississippi. The average health care cost for the members of this sample was $302,435 with a standard deviation of $23,210.
Since this is a large sample (300 is vastly higher that 30), and I want to test the sample mean against the hypothesizes value or $300,000, I will use a z-test for the mean. See section 6.3 (p. 331) in Statistics for Business and Economics.