The salaries of the employees at four companies are summarized below. Answer the questions about them. Company A: The range of salaries is $45,000 and the mean salary is $25,000 . Company B: The range of salaries is $36,000 and the mean salary is $24,000 . Company C: The range of salaries is $42,000 and the mean salary is $27,000 . Company D: The range of salaries is $43,000 and the mean salary is $32,000 . (a) Based on the information above, which company's salaries have the most variability? Company A Company B Company C Company D (b) Based on the information above, which company has the highest salaries on average? Company A
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.
Company B: The range of salaries is
Company C: The range of salaries is
Company D: The range of salaries is
|
|
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
