Problem 1: Refer to the data file Executive salary.xls. This files shows annual salary of CEOs for various companies and industries. The random variable of interest for this exercise is Sum97. This is the CEO?s annual salary plus bonuses for the year 1997 (referred to as salary here-in). The purpose of this exercise is to determine if there is a significant difference between mean salaries of executives for various industries. There are 8 industries in this data file. Answer the following questions, assumea =.05 level for all tests.;a.Briefly explain (in one or two sentences) what type of test approach you would use to determine if there is a difference in the mean salaries among all industries. Also, how would you set up the null and alternate hypothesis?;b.Conduct a test to determine if the mean salaries among all industries are equivalent. Also, if there is a difference briefly explain or identify the variables or categories (treatment) that contribute to this difference (You may use Tukey?s Procedure for answering this part);c.Conduct a test to determine if there exist a difference in the mean executive salary for the following groups of industries;I.Industrial and Basic Materials;II.Industrial and Technology;III.Basic Materials and Technology;Before conducting the test above, perform a test on equivalent population variances for each pair of company type. In a brief paragraph, comment of the conclusions of the test results.;d.Determine the upper and lower range salary values for each industry at 90% and 95% confidence intervals;e.Perform a test of normality (Chi-Square evaluation) on the data for each of the three industries in part c and comment on your findings. First produce a histogram with about 5 categories for this test and perform the test using a Chi-Squared approach, then validate it using SPSS Normality Plot Approach;Problem 2: Refer to file ?Heating_Bill.xls,? which provides heating bills on a sample of residential homes for the month of February. The file categorizes the data by the type of home (single level or two story) and heating source (natural gas, electric and oil). Conduct a test at thea=.05 level to answer the following questions;a.Is there evidence to suggest that the type of heating source used impacts the monthly heating bill?;b.Is there evidence to suggest that the type of home (single or two story) impacts the monthly heating bill?;c.Is there evidence to suggest that the interaction between these two categories (type of home or heating source) impacts the monthly heating bill?
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