Data Analysis Assignment Essay
MBA6018 – Data Analysis
Unit 3 Activity 1
January 23, 2013
Practical Application Scenario 1
In 2010, Playbill Magazine contracted Boos Allen to conduct a survey aimed at determining the average annual household income of Playbill readers. 300 readers were randomly pulled and sampled from the list of customers provided by Playbill Magazine. From that sampling effort, Boos Allen was confident that the population average household income is $119,155 and that the population sample household income standard deviation is $30,000.
Two Playbill executives recently hypothesized that the average annual household income of its readership has increased and so believe that the magazine price should also increase. From a …show more content…
Step 5: Reject H0 if the pvalue is less than α. Interpret the statistical results
The pvalue of 0.00114 is less than the α value of 0.05. Therefore, H0 would be rejected at the level of significance 0.05 and the magazine price could be raised.
Inputs    Hypothesized Population Mean:  119155  Population Standard Deviation (sigma):  30000  Sample size (n):  300  Sample Mean (Xbar)  124450    Intermediate Calculations    Standard Error of the Estimate:  1732.0508  Test Statistic (z):  3.0570697    Results      One tailed, H0: Mu =>119155, p=  0.9989    One tailed, H0: Mu <=119155, p=  0.0011    Twotailed, H0: Mu = 119155, p =  0.0022 
 For the Alpha level given, H0 should be   Alpha:  0.01  0.05  0.1   not rejected  not rejected  not rejected       Rejected  Rejected  Rejected       Rejected  Rejected  Rejected 
One can be statistically confident in the conclusion to reject the null hypothesis H0 by performing calculations to derive the confidence intervals. Using the Excel function NORMSINV and inputting the necessary variables (see highlighted figures below), one can determine both the upper and lower

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