STAT285 INTRO STAT TO BUSINESS Lab Assignment Team project with 4 or 5 people on each team, due 5/4/2020 Objective 1. Get a random sample from a data set 2. Describe data 3. Estimate the population...

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STAT285 INTRO STAT TO BUSINESS Lab Assignment Team project with 4 or 5 people on each team, due 5/4/2020 Objective 1. Get a random sample from a data set 2. Describe data 3. Estimate the population parameters from the sampled data 4. Conduct hypothesis testing based on the sampled data Data: movie budgets and box office earnings (on Sakai). · This contains 4969 movies from 1980 to 2018 with their releasing time, budgets, domestic and global box office earnings. Target parameters: · Mean parameter: average global box office earning · Proportion parameter: proportion of movies whose global earnings exceed budgets Specific steps: 1. Draw a random sample of 200 movies from the data. This will serve as your sample 2. Describe your data 3. Estimate the parameters and get 95% CI for each parameter 4. Test whether the proportion of movies from 1980-1999 whose global earnings exceed budgets is the same as the proportion of movies from 2000-2018 whose global earnings exceed budgets [endnoteRef:1] [1: When checking conditions, it is ok to use that the numbers of successes and number of failures are bigger than 10. ] 5. Test whether the average global box office earning is higher in summer (June, July and August) than the rest of the year. What to submit · Description of how you draw the sample (10 points) · Description of your sampled data, including summary statistics and graphs (20 points) · Description of the parameters you are estimating and testing (10 points) · Details for confidence interval (20 points) · Details of hypothesis testing (40 points)