ANNUAL WAGE IN DOLLARS

Annual wage in dollars

Annual wage in dollars

In this study we are given the data comprising of 12 variables among which few are discrete and few are continuous. This study seems to analyze the attitude of different individuals belonging to the different segments of the society.

Methodology

In this report we would be applying the different statistical techniques as measure of central tendency, dispersion and skew ness of the data. Different graphical and tabular techniques would also be used for the representation of the data. On the basis of the values of skew ness and histogram we would determine the best measures of central tendency and dispersion.

Data analysis using descriptive statistics

Descriptive statistics of Annual wage in dollars, Years of education, Years of work experience, and Age in years are presented in table 1. The statistics table tells several interesting things about the distributions of Annual wage in dollars, Years of education, Years of work experience, and Age in years, starting with the five-number summary. The center of the distributions can be approximated by the median (or second quartile) (Annual wage in dollars = 28815.50, Years of education = 12.00, Years of work experience = 18.50, and Age in years = 36.50 respectively). Approximately half of the data values fall between first and third quartile (Annual wage in dollars = 17800.75-35075.25, Years of education = 12.00-14.00, Years of work experience = 9.00-29.00, and Age in years = 28.00-49.00 respectively). In addition, the extreme values are shown by minimum and maximum values ((Annual wage in dollars = 9879-83601, Years of education = 4-18, Years of work experience = 0-54, and Age in years = 18-64 respectively). (Best, Joel 2001, 66-78)The mean of the distributions of Education and Age are close to the median value, suggesting that the distributions are symmetric. However, the mean of the distributions of Annual Wages and Work Experience are a bit far from the median, suggesting that the distributions are somewhat asymmetric. This suspicion is confirmed by the large positive skewnesses (1.3 = Annual wage in dollars and 0.5 = Years of work experience), which show that Annual wage in dollars and Years of work experience have a right tail. That is, the distribution is asymmetric, with some distant values in a positive direction from the center of the distribution. Most variables with a finite lower limit (for example, 0) but no fixed upper limit tends to be positively skewed. The positive skewness, in addition to skewing the mean to the right of the median, inflates the standard deviation to a point where it is no longer useful as a measure of the spread of data values. (Best, Joel 2001, 66-78)

In terms of shape, a platykurtic distribution has a smaller "peak" around the mean (that is, a lower probability than a normally distributed variable of values near the mean) and "thin tails" (that is, a lower probability than a normally distributed variable of extreme values).

Table 1

Descriptive Statistics of Interval Variables



Annual wage in dollars

Years ...