As the Finance Manager of an accounting firm, you were given the following employees’ performance scores in a table format (Figure 1) for fiscal 2019. You were asked by the CEO to present the results to the Board in lieu of a pending Christmas bonus payment.
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.
Scenario #2
As the Finance Manager of an accounting firm, you were given the following employees’ performance scores in a table format (Figure 1) for fiscal 2019. You were asked by the CEO to present the results to the Board in lieu of a pending Christmas bonus payment.
|
Performance Grade |
# of Employees |
|
50-59 |
3 |
|
60-69 |
5 |
|
70-79 |
9 |
|
80-89 |
12 |
|
90-100 |
8 |
You are required to make a presentation on the interpretation of the data using two of the best measures of dispersion (in your opinion). In your presentation, you must explain why the measures chosen were the best approach in interpreting the results.
NB: Calculation of the Midpoint is necessary to find the measures above.
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