A start-up company has hired 7 workers with pay of £10 per hour. The supervisor will be paíd £50 per hour. a) Fínd the mean, medían and mode of pay for all eight workers. If you summarize this on table, it looks like: Pay per hour Number of workers £10 7 £50 1 The table records hourly pay for each worker. How did we find out the mean pay for the start-up? First, we found the total hourly pay for all the workers and then divided by the number of workers. 10 x7+ 50 x 1 8
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 start-up company has hired 7 workers with pay of £10 per hour. The supervisor will be paid £50 per hour.
a) Find the
If you summarize this on table, it looks like:
Pay per hour Number of workers
£10 7
£50 1
The table records hourly pay for each worker.
How did we find out the mean pay for the start-up?
First, we found the total hourly pay for all the workers and then divided by the number of workers.
(?? × ? + ?? × 1) / 8
Similarly, for question 2, you need to find out the total number of claims first and then divide by the number of policies.
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