u note that the range of monthly sales for division A over the last 2 years is Rs.50,000 and the range of division B is only Rs.30,000. You compute each division’s mean monthly sales for the same time period and discover that both divisions have a mean of Rs.110,000. Assume that is all the information you have about the division’s sales records. Would you be willing to say which of the divisions has a more consistent sales record? Why or why not?
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 Vice President of sales for the conglomerate you work for has asked you to evaluate the sales records of two of the firm’s divisions. You note that the
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