Name of the student
5th November 2015
Discussion and Conclusion
The potential issues and limitations of my results may be briefed as follows. First of all, the statistical tests conducted provided ample evidence that the mean household income of the individuals in 2013 is significantly greater than 2012 (p<0.05). This is because a p-value less than 0.05 signifies that the difference in mean household income in between the two years has not happened due to chance factors of random sampling. Since, out of 100 observations, less than five observations of mean household income being same in both the years could be noted.
Therefore, the null hypothesis was rejected and alternate hypothesis was accepted. The alternate hypothesis indicates that since chances of the null hypothesis being too are very low, it may be inferred that there is the significant difference in mean household incomes between 2012 and 2013. Hence, the results were statistically significant. Moreover, the results were confident and could be reproduced as out of 100 observations, 95 individuals would mention that their salary is between 35364.641 to 46031.136 (95% Confidence Interval). The mean household income was 40697, which falls between these two limits. Therefore, the results are practicable too.
However, the study suffers from certain limitations. The chances of bias were pretty high since it was an interview and no financial instrum…
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