Answered: DATA file Sales Amount ($1000)…

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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Question

Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for a portion of the salespeople in the organization for the most recent fiscal year.

a. Compute the mean (in $1000), variance (in $1000²), and standard deviation (in $1000) for these annual sales values. Round your answers to the nearest whole number.

b. In the previous fiscal year, the average annual sales amount was 290 thousand with a standard deviation of 95 thousand. Discuss any differences you observe between the annual sales amount in the most recent and previous fiscal years. Which of the following is correct?

(i) The difference in the mean annual sales amount is very small and is most likely due to random change in demand for these products.

(ii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly higher.

(iii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly lower.

Salesperson	Sales Amount ($1000)	Salesperson	Sales Amount ($1000)
Joseph	127	Wei	450
Jennifer	228	Samantha	393
Phillip	534	Erin	262
Stanley	346	Dominic	312
Luke	278	Charlie	192
Lexie	195	Amol	203
Margaret	324	Lenisa	448

Transcribed Image Text:Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for a portion of the salespeople in the organization for the most recent fiscal year. Click on the datafile logo to reference the data. DATA file Sales Amount ($1000) Salesperson 127 228 Phillip 534 Erin Stanley 346 Dominic Luke 278 Charlie 195 Amol Lexie Margaret 324 Lenisa a. Compute the mean (in $1000), variance (in $10002), and standard deviation (in $1000) for these annual sales values. Round your answers to the nearest whole number. $ Salesperson Joseph Jennifer Choice (i) 307 thousand thousand² thousand Wei Sales Amount ($1000) 450 393 262 312 192 203 448 Samantha Mean Variance Standard deviation $ b. In the previous fiscal year, the average annual sales amount was $290 thousand with a standard deviation of $95 thousand. Discuss any differences you observe between the annual sales amount in the most recent and previous fiscal years. (i) The difference in the mean annual sales amount is very small and is most likely due to random change in demand for these products. (ii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly higher. (iii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly lower. Choose the correct option.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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