Question

How could you use Expected Value in your life or future profession?How might the Chi-square test be a useful tool in your future profession? What might be a proposed study of interest in your future profession be that would utilize a Chi-square test (be sure to include the categorical variables in the study)?

Answer 1

A chi-square test is a statistical test used to compare observations with the expected results. The purpose of this test is to determine if the difference between the expected and observed results is due to the relation between them or is it just by chance.

Here, we can predict our future salary, in 5, 10, or 15 years from now. And then we can check its credibility using the chi-square test.

To perform a chi-square in excel, select Analyze, then Descriptive Statistics, and a at the last, crosstabs.

Here, things to consider can be -

1. Whether you are in the same company where you started(yes = 1, No = 0)

2. Hike you get on an average(numerical)

3. Skills(qualitative)