Suppose that you work for an organization and that top management wants to know the average COST PER INTERVIEW for prospective job candidates that are invited to interview at the organization. You have been asked to take a random sample of job candidates who came to the organization to be interviewed during the past quarter (i.e., 90 days). Suppose, further, that your organization has budgeted the COST PER INTERVIEW to be $120.00 per interview. You decide to test your Excel skills on a small number of applicants, and the hypothetical data appear in Fig. 3.8:

(a) To the right of this table, use Excel to find the sample size, mean, standard deviation, and standard error of the mean for the cost figures. Label your answers. Use currency format (two decimal places) for the mean, standard deviation, and standard error of the mean.

(b) Enter the null hypothesis and the research hypothesis onto your spreadsheet.

(c) Use Excel’s TINV function to find the 95 % confidence interval about the mean for these figures. Label your answers. Use currency format (two decimal places).

(d) Enter your result onto your spreadsheet.

(e) Enter your conclusion in plain English onto your spreadsheet.

(f) Print the final spreadsheet to fit onto one page (if you need help remembering how to do this, see the objectives at the end of Chap. 2 in Sect. 2.4)
(g) On your printout, draw a diagram of this 95 % confidence interval by hand (h) Save the file as: INTERVIEW3

Transcribed Image Text:

COST PER INTERVIEW Question: "Does our COST PER INTERVIEW for prospective job candidates come close to the $120.00 per interview that we budgeted? COST PER INTERVIEW ($) 127 128 135 118 110 129 127 134 142 135 129 128 117 128 135 131 134 132 119 125 126 134