A company has 14 employees with a salary of $20,500 12 employees with a salary of $23,500 17 employees with a salary of $27,200 2 employees with a salary of $31,100 6 employees with a salary of $39,500 1 employee with a salary of $149,000 Find the mean salary for the employees The mean salary for the employees is $__________ (NOTE: Type a whole number. Round to the nearest hundred)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
A company has
14 employees with a salary of $20,500
12 employees with a salary of $23,500
17 employees with a salary of $27,200
2 employees with a salary of $31,100
6 employees with a salary of $39,500
1 employee with a salary of $149,000
Find the
The mean salary for the employees is $__________
(NOTE: Type a whole number. Round to the nearest hundred)
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