What are the median starting salaries? Which schools have the minimum and maximu

Question

What are the median starting salaries? Which schools have the minimum and maximum starting salaries? How much are these minimum and maximum salaries? What are the mean tuition for foreign students and for local students? Does there appear to be a significant difference? What is the difference between the two means? How many schools require work experience and how many of them don't? What is the mean starting salary for schools requiring work experience? What is the mean starting salary for schools requiring no work experience? Business School Full-Time Enrollment Students per Faculty Local Tuition ($) Foreign Tuition ($) Age %Foreign GMAT English Test Work Experience Starting Salary ($) Melbourne Business School 200 5 24,420 29,600 28 47 Yes No Yes 71,400 University of New South Wales (Sydney) 228 4 19,993 32,582 29 28 Yes No Yes 65,200 Indian Institute of Management (Ahmedabad) 392 5 4,300 4,300 22 0 No No No 7,100 Chinese University of Hong Kong 90 5 11,140 11,140 29 10 Yes No No 31,000 International University of Japan (Niigata) 126 4 33,060 33,060 28 60 Yes Yes No 87,000 Asian Institute of Management (Manila) 389 5 7,562 9,000 25 50 Yes No Yes 22,800 Indian Institute of Management (Bangalore) 380 5 3,935 16,000 23 1 Yes No No 7,500 National University of Singapore 147 6 6,146 7,170 29 51 Yes Yes Yes 43,300 Indian Institute of Management (Calcutta) 463 8 2,880 16,000 23 0 No No No 7,400 Australian National University (Canberra) 42 2 20,300 20,300 30 80 Yes Yes Yes 46,600 Nanyang Technological University (Singapore) 50 5 8,500 8,500 32 20 Yes No Yes 49,300 University of Queensland (Brisbane) 138 17 16,000 22,800 32 26 No No Yes 49,600 Hong Kong University of Science and Technology 60 2 11,513 11,513 26 37 Yes No Yes 34,000 Macquarie Graduate School of Management (Sydney) 12 8 17,172 19,778 34 27 No No Yes 60,100 Chulalongkorn University (Bangkok) 200 7 17,355 17,355 25 6 Yes No Yes 17,600 Monash Mt. Eliza Business School (Melbourne) 350 13 16,200 22,500 30 30 Yes Yes Yes 52,500 Asian Institute of Management (Bangkok) 300 10 18,200 18,200 29 90 No Yes Yes 25,000 University of Adelaide 20 19 16,426 23,100 30 10 No No Yes 66,000 Massey University (Palmerston North, New Zealand) 30 15 13,106 21,625 37 35 No Yes Yes 41,400 Royal Melbourne Institute of Technology 30 7 13,880 17,765 32 30 No Yes Yes 48,900 Jamnalal Bajaj Institute of Management Studies (Bombay) 240 9 1,000 1,000 24 0 No No Yes 7,000 Curtin Institute of Technology (Perth) 98 15 9,475 19,097 29 43 Yes No Yes 55,000 Lahore University of Management Sciences 70 14 11,250 26,300 23 2.5 No No No 7,500 Universiti Sains Malaysia (Penang) 30 5 2,260 2,260 32 15 No Yes Yes 16,000 De La Salle University (Manila) 44 17 3,300 3,600 28 3.5 Yes No Yes 13,100 What are the median starting salaries? Which schools have the minimum and maximum starting salaries? How much are these minimum and maximum salaries? What are the mean tuition for foreign students and for local students? Does there appear to be a significant difference? What is the difference between the two means? How many schools require work experience and how many of them don't? What is the mean starting salary for schools requiring work experience? What is the mean starting salary for schools requiring no work experience?

Explanation / Answer

using ms-excel following information has been generated

( a) middle value of the series when arranged in ascending or descening order

since there are 25observation , so average of 13th obveravation will be median

so median=41400

minimum=7000 ( Jamnalal Bajaj Institute of Management Studies (Bombay))

maximum= 87000International University of Japan (Niigata)

(b) local means=12374.92, forign means=16581.8

difference of means=16581-12374.92=4296.08

we use t-test for testing significant difference between two means at 5% level of significance with

it is not found significant difference as two tailed p-value is more than alpha=0.05

H0: local mean=foreign mean

H1: local mean is not equal to forign ( two tailed test)

(c) no work expericance=6, mean=24583.33

work experiance=19, mean=41305.26

t-Test: Two-Sample Assuming Equal Variances Variable 1 Variable 2 Mean 12374.92 16581.8 Variance 60503871.83 83445411.67 Observations 25 25 Pooled Variance 71974641.75 Hypothesized Mean Difference 0 df 48 t Stat -1.753175426 P(T<=t) one-tail 0.042978244 t Critical one-tail 1.677224197 P(T<=t) two-tail 0.085956489 t Critical two-tail 2.010634722

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