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Data Analysis - Statistics Project Example

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Summary
This paper deals with the Gross Domestic Product data analysis. According to the text, different sources of data exist on subjects and even though data creates awareness and informs decisions, only reliable data should be used. …
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Data Analysis
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Download file to see previous pages Average GDP per capita (2013) of the European Union is computed from the World Bank data and is compared with data for individual countries as reported by the Central Intelligence Agency data (based on purchasing power parity).
GDP per capita for the region can, therefore, be computed as follows (The World Bank, 2015).
GDP per capita= 17.96 trillion/507 million= $ 35424.06
Hypothesis
HO: µCIA= 35424.06; No significant difference between the two sources, sources are reliable
HA: µCIA≠ 35424.06; A significant difference exist, one of the sources is not reliable
µ represents mean
The data are on a ratio scale and represents an average output of a country per person per year. Data was collected through observation from existing sources, the World Bank and the Central Intelligence Agency (US), and with European Union countries as the population. The data is with respect to the year 2013 and may not represent the countries’ and the region’s current GDP per capita.
Distribution of the countries’ GDP per capita is skewed, positively, and has an outlier in GDP of Luxembourg that was $ 91900. The countries GDP per capita also differed widely as the high values of range ($ 75100) and standard deviation (15237) shows. High concentration of countries occurred in the second and fourth stems. Mean of the countries’ GDP per capita, based on CIA data (34084) is statistically the same as the regional value that the World Bank reported for the same year. ...Download file to see next pagesRead More
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