Relationship Between Salary and a Worker's Age and Background

2021-07-20 06:01:52
3 pages
770 words
University/College: 
Vanderbilt University
Type of paper: 
Problem solving
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Hypothesis for the study

H0: There is no statistically significant relationship between salary and a worker's age, working experience, number of educational degrees and the number of previous jobs in the field.

H1: There is a statistically significant relationship between salary and a worker's age, working experience, number of educational degrees and the number of previous jobs in the field.Question 2

Explanation of the findings of the study.

ANOVA test

The F test compares multiple coefficients simultaneously.

H0:The means of the variables under consideration are not significantly different.H1:The means of the variables under consideration are significantly different.F statistic= 0.0001

F value= 224

From the results of the study, the F value (224) is larger than the F- statistic (0.0001). Therefore, we reject the null hypothesis and conclude that the means of the variables under consideration are significantly different.

For the t-test.

The T-test measures the statistical significance of each variable.

At 5% confidence level (a), the results can be explained as follows.

For age

H0:Their is no statistical significance between the age of workers and the salaries paid.

H1:Their is statistical significance between the age of workers and the salaries paid.

P-value for age= 0.0001

The P-value (0.0001) is less than a (0.05) hence we reject Ho.

We therefore conclude that the age of workers is statistically significant to the amount of salaries paid to them.

Experience

H0:Their is no statistical significance between the experience of workers and the salaries paid.

H1:Their is statistical significance between the experience of workers and the salaries paid.

P-value for experience= 0.4660

The P-value (0.4660) is greater than a (0.05) hence we do not reject H0.

We therefore conclude that workers experience is not statistically significant to the salaries paid to them.

Degrees

H0:Degrees are not statistically significant to the salaries paid to workers.

H1:Degrees are statistically significant to the salaries paid to workers.

P-value for degrees= 0.0001

The P-value (0.0001) is less than a (0.05) hence we reject H0.

We therefore conclude that degrees are statistically significant to the salaries paid to workers.

Previous jobs

H0:Previous jobs are not statistically significant to the salaries paid to workers.

H1:Previous jobs are statistically significant to the salaries paid to workers.

P-value for degrees= 0.2278

The P-value (0.2278) is greater than a (0.05) hence we do not reject H0.

We therefore conclude that previous jobs are not statistically significant to the salaries paid to workers.

Question 3

I would follow the following 5 simple steps to conduct the survey efficiently.

Identify the audience.

Identification of the target audience before commencing with a research is vital for the success of the survey. This step enables the researcher to understand the requirements of the target market, how and where to locate them to conduct the research efficiently.

Find the survey provider

Surveys provide vital tools that can be relatively less expensive in relation to what one wants to accomplish and the provider chosen. Some of the survey providers include survey monkey, forrester research among other survey providers.

Conducting the survey

The length of a survey plays a vital role in this step. A good survey should be short and detailed (addresses all the vital factors of the research). It includes drafting of the appropriate research questions and incorporation of experienced researchers and consultants to make the process a success.

Creating a context for the survey

With the data available, one has to identify the target publications before conducting the survey, who you want to share with, how you will compile the data into an infographic and the likelihood of a reporter to use the data in their publications. One has also to understand the analysis methods that they would incorporate to provide realistic solutions that depict the true picture of the sample population.

Evaluation of the research

This includes analysis of past researches to identify the problems experienced in the course of the research and how they were handled, detailing the results to make the right impression of the industry and rectification of previous problems to improve on the future surveys.

Question 4

The P-values help to identify variables that are statistically significant.

This study would therefore highlight the variables that are significant to the study, have an effect on the salaries in the job market and would therefore be effective in the expansionary fiscal policy for the government.

Following the results of the study, I would recommend the finance minister to uphold the following variables in the expansionary fiscal policy:

The workers age since an increase in one year of age would result in an increase the workers salary by 1.328.

The degrees obtained by the workers since an increase in a single degree or level of education would result in a salary increase by 7.311.

 

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