Business Decision Making - Analysis of Wages, Education Level and House Prices in Sydney

Running head: BUSINESS DECISION MAKING
Business Decision Making
Name of the Student:
Name of the University:
Author’s Note:

1BUSINESS DECISION MAKING
Table of Contents
Background:...............................................................................................................................2
Answer 1....................................................................................................................................2
Answer 1.1.............................................................................................................................2
Answer 1.2.............................................................................................................................2
Answer 1.3.............................................................................................................................6
Answer 1.4.............................................................................................................................7
Answer 2....................................................................................................................................8
Answer 2.1.............................................................................................................................8
Answer 2.2.............................................................................................................................8
Answer 2.3.............................................................................................................................8
Answer 2.4.............................................................................................................................9
References:...............................................................................................................................10

2BUSINESS DECISION MAKING
Background:
It is assumed that Economic Web Institute conducted a research on wages of US workers in
2018. The samples have the data of 536 workers and it involves various information about the
workers. Note that, “KADD” add-ins helped to analyse the data set properly.
Answer 1.
Answer 1.1.
Economics web Institute is interested in the workers of United States in the session 2018. For
analysis purpose, we mainly have granted two variables about the workers that are “wage”
and “education level”.
Answer 1.2.
Wages:
Table 1: Table of mean, estimated mean and standard deviation of the wages
(Schou, 1999)
The average wage of 534 samples is 25.6167 dollars per hour. The scatter ness in terms
standard deviation of the chosen samples is found to be 7.8617 dollars per hour. The
estimated average wage of the samples ranges from 24.9484 dollars per hour to 26.285
dollars per hour.
Table 2: Table of location measures of wages

3BUSINESS DECISION MAKING
The first quartile of the wages indicates that the least 25% (one-fourth) wages lie below 21
dollars per hour and the third quartile of the wages indicates that the upper 25% (one-fourth)
wages lie above 28 dollars per hour (Wigginton & Abecasis, 2005). The major location
measure median indicates that the middle most value of the wages is 23.75 dollars per hours.
Note that the distribution of wages have 25 outliers and 9 extreme outliers.
Table 3: Table of frequency distribution of wages
The frequency distribution of the wages shows that very little number of people earns wages
below 10 dollars per hours or above 50 dollars per hour. More than half of the chosen people
have average wage from 20 dollars per hour to 30 dollars per hour.
Figure 1: Box plot displays the distribution of wages of the workers