Sample of Annual Salaries of Plant Operators Annual Salary Annual Salary 74343 75195.91667 70532 Mean Standard Error 67956 1352.863083 Median 78024 74840 Mode #N/A 80197 Standard Deviation 69444 4686.455192 Sample Variance 81655 21962862.27 73438 Kurtosis -1.436042927 Skewness 79111 -0.092260443 75337 Range 13699 71764 Minimum 67956 80550 Maximum 81655 Sum 902351 Count 12
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.
The following presents a sample of annual salaries for recently hired plant operators at a chemical manufacturing company.
Present an analysis of these descriptive statistics results. What do they
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