The results of a census of 2,500 employees of a mid-sized company with 401(k) retirement accounts are as follows: Account Balance (to nearest $) $50,000 Male Female 635 495 $50,000-$99,999 185 210 $100,000-$150.000 > $150,000 515 260 155 45 Suppose researchers are going to sample employees from the company for further study. Based on the relative frequency assessment method, what is the probabil that a randomly selected employee will be a male?
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.
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