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
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
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff3b1f4d5-e8c4-49af-80cf-c1843c8461c2%2Fbd1df59c-0198-431d-ada6-b62d3446d29b%2Fzonjml_processed.png&w=3840&q=75)
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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