A sample of 5 months of sales data provided the following information: Month 1 2 3 4 Units Sold 95 120 88 95 92 a. Develop a point estimate of the population mean number of units sold per month (to 1 decimal). 98 b. Develop a point estimate of the population standard deviation (to 2 decimal

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need help with part B please

### Sales Data Sample Analysis

A sample of 5 months of sales data provided the following information:

- **Month**: 1, 2, 3, 4, 5
- **Units Sold**: 95, 120, 88, 95, 92

#### Analysis:

**a. Point Estimate of Population Mean Units Sold:**

To find the point estimate of the population mean, we calculate the average number of units sold per month.

Formula: 
\[ \text{Mean} = \frac{\sum \text{Units Sold}}{\text{Number of Months}} = \frac{95 + 120 + 88 + 95 + 92}{5} = 98 \]

**Result:** 98 (Correct)

**b. Point Estimate of Population Standard Deviation:**

To estimate the population standard deviation, the standard deviation of the sample data is calculated to two decimal places. 

**Provided Estimate:** 11.8 (Incorrect) 

The correct method involves using the formula for standard deviation:
\[ \sigma = \sqrt{\frac{\sum (x - \bar{x})^2}{n}} \]

where \( x \) represents each unit sold, \( \bar{x} \) is the mean, and \( n \) is the number of months.

This information educates on calculating mean and verifying standard deviation in a sales context.
Transcribed Image Text:### Sales Data Sample Analysis A sample of 5 months of sales data provided the following information: - **Month**: 1, 2, 3, 4, 5 - **Units Sold**: 95, 120, 88, 95, 92 #### Analysis: **a. Point Estimate of Population Mean Units Sold:** To find the point estimate of the population mean, we calculate the average number of units sold per month. Formula: \[ \text{Mean} = \frac{\sum \text{Units Sold}}{\text{Number of Months}} = \frac{95 + 120 + 88 + 95 + 92}{5} = 98 \] **Result:** 98 (Correct) **b. Point Estimate of Population Standard Deviation:** To estimate the population standard deviation, the standard deviation of the sample data is calculated to two decimal places. **Provided Estimate:** 11.8 (Incorrect) The correct method involves using the formula for standard deviation: \[ \sigma = \sqrt{\frac{\sum (x - \bar{x})^2}{n}} \] where \( x \) represents each unit sold, \( \bar{x} \) is the mean, and \( n \) is the number of months. This information educates on calculating mean and verifying standard deviation in a sales context.
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