The costly challenges involved in managing expatriates on international assignments can appear in various forms such as visa, health insurance, accommodation for the expat and possible family, transportation, living expenses, taxation and so on. Based on the 2020 data obtained from a market research firm, it was determined that the mean and the standard deviation of the expatriation costs for 680 expatriates from publicly listed multinational companies are $58.19 million and $13.86 million, respectively. An analyst randomly chooses 47 expatriation costs for the year 2020. a. Is it necessary to apply the finite population correction factor? Explain. b. Is the sampling distribution of the sample mean approximately normally distributed? Explain. c. Calculate the expected value and the standard error of the sample me
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 costly challenges involved in managing expatriates on international assignments can appear in various forms such as visa, health insurance, accommodation for the expat and possible family, transportation, living expenses, taxation and so on. Based on the 2020 data obtained from a market research firm, it was determined that the
deviation of the expatriation costs for 680 expatriates from publicly listed multinational companies are $58.19 million and $13.86 million, respectively. An analyst randomly chooses 47 expatriation costs for the year 2020.
a. Is it necessary to apply the finite population correction factor? Explain.
b. Is the sampling distribution of the sample mean approximately
Explain.
c. Calculate the
d. What is the probability that the sample mean is more than $60 million?
e. What is the probability that the sample mean is between $56 million to $60 million?
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