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Submitted By junsong91
Words 1577
Pages 7
Capstone Project,

Executive Summary:

We wanted to put the old saying that the more education you have, the more money you will make to the test. We collected survey results using the website Survey Monkey, www.surveymonkey.com. We emailed a link to the survey to friends and family asking them to take the survey and forward the link to their contacts. The survey was open for two weeks. We collected 78 responses, 4 of which had to be discarded due to the extreme pre-tax monthly income value. Using the Excel software to conduct Stepwise forward regression analysis, we determined that the three factors with the most statistically significant impact, based on our survey results were: gender, education and experience. It was determined that an individual made more money if they: are male, have a 4-year college degree, and have 8 – 10 years experience in their industry. After reviewing the data and the Excel analysis, we realized that if we had asked for the amount of education completed as a quantitative value instead of qualitative the results could be used to predict the amount that a person’s income potential increases with each year of education completed. We also realized that a question about the number of hours the respondent worked should have been included in the survey. We also felt, with more time and resources, that a more in-depth survey could be done using a more even sampling across the industry fields. This would show how a person’s education impacts their earning potential compared to another working in the same industry.

Analysis:

After hearing multiple radio ads for local colleges about how the more education someone has, the higher their earning potential is, we decided to put that statement to the test. Using the website, Survey Monkey, we collected 78 surveys. Four surveys were discarded because they contained extreme data, such as

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