Geroge has 2 job offers from companies that sell car accessories. Both the offere are nearly same in terms of payment and the work environment , both of them offer bonuses to those with the highest monthly sales . George has a lot of experience ,and thinks they can sell an average of 81,000 I equipment each month at either company Company 1 the monthly sales are normally distributed with a mean of 75000 with st dev 3500 .people in the highest 5% of monthly sales get a bonus Company 2 - the monthly sales for all sales people are normally distributed with a mean of 78000 with a st de of 2500 .people in the highest 8 % of monthly sales get a bonus Which of the two companies would give George the best chances to earn bonus
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.
Geroge has 2 job offers from companies that sell car accessories. Both the offere are nearly same in terms of payment and the work environment , both of them offer bonuses to those with the highest monthly sales . George has a lot of experience ,and thinks they can sell an average of 81,000 I equipment each month at either company
Company 1 the monthly sales are
Company 2 - the monthly sales for all sales people are normally distributed with a mean of 78000 with a st de of 2500 .people in the highest 8 % of monthly sales get a bonus
Which of the two companies would give George the best chances to earn bonus
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