Business Finance - Management MAT 240 5-3 Assignment: Means: Test of Hypothesis (1-Sample)

Module Five Assignment Guidelines and Rubric.html

MAT 240 Module Five Assignment Guidelines and Rubric

Scenario

You have been hired by the Regional Real Estate Company to help them analyze real estate data. One of the company’s Pacific region salespeople is working to design a new advertisement. The initial draft of the advertisement states that the average cost per square foot of home sales in the Pacific region is $280. The salesperson claims that the average cost per square foot in the Pacific region is less than $280. He wants you to make sure he can make that statement (that the average cost per square foot is less than $280) before asking for the advertisement text to be changed. In order to test his claim, you will generate a random sample size of 750 using data for the Pacific region and use this data to perform a hypothesis test.

Prompt

Generate a sample size of 750 houses using data for the Pacific region. Then, design a hypothesis test and interpret the results using significance level α = .05. You will work with this sample in this assignment. Briefly describe how you generated your random sample.

Use the House Listing Price by Region document to help support your work on this assignment. You may also use the Descriptive Statistics in Excel PDF and Creating Histograms in Excel PDF tutorials for support.

Specifically, you must address the following rubric criteria:

• Introduction: Describe the purpose of this analysis and how you generated your random sample size of 750 houses.
• Hypothesis Test Setup: Define your population parameter, including hypothesis statements, and specify the appropriate test.
  • Define your population parameter.
  • Write the null and alternative hypotheses.
  • Specify the name of the test you will use.
  • Identify whether it is a left-tailed, right-tailed, or two-tailed test.
• Data Analysis Preparations: Describe sample summary statistics, provide a histogram and summary, check assumptions, and identify the test significance level.
  • Provide the descriptive statistics (sample size, mean, median, and standard deviation).
  • Provide a histogram of your sample.
  • Summarize your sample by writing a sentence describing the shape, center, and spread of your sample.
  • Check whether the assumptions to perform your identified test have been met.
  • Identify the test significance level. For example, α = .05.
• Calculations: Calculate the p value, describe the p value and test statistic, discuss how the p value relates to the significance level, and compare the p value to the significance level to reject or fail to reject the null hypothesis.
  • Calculate the sample mean and standard error.
  • Determine the appropriate test statistic, then calculate the test statistic.
    • Note: This calculation is (mean – target)/standard error. In this case, the mean is your regional mean (Pacific), and the target is 280.
  • Calculate the p value using one of the following tests.
    • Choose your test from the following:
      • =T.DIST.RT([test statistic], [degree of freedom]): right-tailed test
      • =T.DIST([test statistic], [degree of freedom], 1): left-tailed test
      • =T.DIST.2T([test statistic], [degree of freedom]): two-tailed test
    • Note: The degree of freedom is calculated by subtracting 1 from your sample size.
  • Describe where the p value and test statistic would be placed on the appropriate distribution.
• Test Decision: Compare the relationship between the p value and the significance level, and decide to reject or fail to reject the null hypothesis.

• Compare the relationship between the p value and significance level.
• Decide to reject or fail to reject the null hypothesis.

• Conclusion: Discuss how your test relates to the hypothesis and discuss the statistical significance.

• Explain in one paragraph how your test decision relates to your hypothesis and whether your conclusions are statistically significant.

You can use the following tutorial that is specifically about this assignment:

• MAT-240 Module 5 Assignment Video

What to Submit

Module Five Assignment Template: Use this template to structure your report and submit the finished version as a Word document. Also submit your Excel file showing all steps and calculations used in the report.

AI Usage

If you use gen AI tools to support your work on this assignment, be sure to follow these AI usage guidelines. You must acknowledge your use of these tools in your work. Guidelines on how to cite AI tools can be found in this Shapiro Library guide.

Module Five Assignment Rubric

Criteria	Exceeds Expectations (100%)	Meets Expectations (85%)	Partially Meets Expectations (55%)	Does Not Meet Expectations (0%)	Value
Introduction	Exceeds expectations in an exceptionally clear manner	Describes the purpose of the analysis and how they generated their sample	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include cursory description or missing elements	Does not attempt criterion	5
Hypothesis Test Setup	Exceeds expectations in an exceptionally clear manner	Defines the population parameter, including hypothesis statements, specifies the appropriate test	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include inaccurate or incomplete components	Does not attempt criterion	20
Data Analysis Preparations	Exceeds expectations in an exceptionally clear manner	Describes the sample summary statistics, provides a histogram and summary, checks assumptions, and identifies the test significance level	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include inaccurate or missing elements	Does not attempt criterion	15
Calculations	Exceeds expectations in an exceptionally clear manner	Calculates the sample mean, standard error, and the p value. Describes the p value and test statistic	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include inaccurate calculations or missing elements	Does not attempt criterion	20
Test Decision	Exceeds expectations in an exceptionally clear manner	Compares the p value to the significance level to reject or fail to reject the null hypothesis	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include inaccurate or cursory discussion	Does not attempt criterion	15
Conclusion	Exceeds expectations in an exceptionally clear manner	Explains how the test relates to the hypothesis and the statistical significance	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include conclusions that are cursory or missing critical elements	Does not attempt criterion	20
Clear Communication	Exceeds expectations with an intentional use of language that promotes a thorough understanding	Consistently and effectively communicates in an organized way to a specific audience	Shows progress toward meeting expectations, but communication is inconsistent or ineffective in a way that negatively impacts understanding	Shows no evidence of consistent, effective, or organized communication	5
Total:	100%