The task is to prepare a descriptive analysis of the average hourly wage data (variable 1 below) and present it professionally in a concise 1000 word report. For this purpose you should calculate appropriate numerical statistics and charts to summarise and visualise the wage data. Your written report will professionally communicate your findings providing your audience a clear understanding of the key features of the wage data.
You should also consider one or two of the additional variables (variables 2-6 below) that you feel provide some interesting insights into the average hourly wages. For example, you might create a pivot table or side by side bar chart to explore their relationships with wages.
Your final report will demonstrate your ability to use statistical tools to analyse data and communicate your findings in a concise professional manner.
The data set to be used for the assignment is contained in the file “Assignment 1 data.xlsx” below. The file contains observations on the average hourly wage for a sample of 526 individuals from the U.S. alongside a number of additional variables which may help explain the variation in the hourly wage data. The full set of variables included are
- wage average hourly earnings
- educ – years of education
- exper – years potential experience
- tenure – years with current employer
- nonwhite = 1 if nonwhite, 0 otherwise
- female = 1 if female, 0 otherwise
This assessment has been designed to give you an opportunity to:
- Describe data through the use of statistical summaries and graphical methods
- Investigate patterns between variables to provide additional insight
- Demonstrate quantitative techniques and statistical thinking on a real data set
- Professionally communicate your results, developing skills that are important for a future career in business
- Combine a range of quantitative analyses intoan insightful, concise, and coherent report
- Begin your analysis by creating some charts to display the characteristics of the wage variable and to get a feel for its shape
- Calculate descriptive statistics and interpret them with reference to your plots
- Examine whether you can find any interesting relationships or insights about your main variable by using other variables in the data set – pivot tables/bar charts may be useful here
- Consider how best to communicate your findings i.e. which graphical methods or tables of results
- Clearly describe and interpret your presented outputs highlighting any interesting features and relationships
Key aspects of your report
- Written report no longer than1000 words.
- Begin with a 3-bullet pointexecutive summary (1 short/sharp sentence per bullet point)
- Clear and concise reportto enable audience to understand and catch your message easily.
- Total report length to be no longer than 5 pages including all tables and charts.Any content after five slides will be ignored and will not count towards your grade.
- Line-spacing = 1.5, fontsize = 12 pt, font = Calibri
- At least 2 plots and at least one table of summary statistics with discussion
- Properly formatted and labelled tables and charts
- Professional communication and correct interpretation of all analyses