An engineering firm is interested in investigating whether the variability in the cost of small projects (defined
Question:
a. Develop a scatter plot based on the sample data. What type of relationship, if any, appears to exist between the two variables?
b. Calculate the sample correlation coefficient between billed consulting hours and total project costs.
c. Conduct a hypothesis test to determine if there is a significant positive correlation between billed consulting hours and total project costs. Use a level of significance of 0.01.
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Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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