a. Explanation The distribution of net sales for aluminum fabricators with similar characteristics follows normal distribution with population mean μ as $180 million and standard deviation σ as $25 million. The z -score of a Fabricator C’s sales is calculated as follows: z = X − μ σ = 170 − 180 25 = − 10 25 = − 0.40 Therefore, z -score of Fabricator C’s sales is –0 b. To determine Locate the z value of Fabricator C’s sales. Locate the z value of number of employees. c. To determine Compare Fabricator C’s sales and number of employees with those of the other fabricators.

Loose Leaf for Statistical Techniques in Business and Economics (Mcgraw-hill/Irwin Series in Operations and Decision Sciences)

16th Edition

ISBN: 9780077639709

Author: Douglas A. Lind, William G Marchal, Samuel A. Wathen

Publisher: McGraw-Hill Education

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Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 7, Problem 45CE

To determine

Find the z-score of a Fabricator C’s sales.

Find the z-score of number of employees.

To determine

Locate the z value of Fabricator C’s sales.

Locate the z value of number of employees.

To determine

Compare Fabricator C’s sales and number of employees with those of the other fabricators.

Expert Solution & Answer

Chapter 7 Solutions

Loose Leaf for Statistical Techniques in Business and Economics (Mcgraw-hill/Irwin Series in Operations and Decision Sciences)

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Find the z -score of a Fabricator C’s sales. Find the z -score of number of employees.

Solution Summary: The author calculates the z-score of a Fabricator C’s sales and number of employees, and compares them with those of the other fabricators.

Concept explainers

Videos

Find the z-score of a Fabricator C’s sales.

Find the z-score of number of employees.

Locate the z value of Fabricator C’s sales.

Locate the z value of number of employees.

Compare Fabricator C’s sales and number of employees with those of the other fabricators.

Chapter 7 Solutions

Find the z -score of a Fabricator C’s sales. Find the z -score of number of employees.

Solution Summary: The author calculates the z-score of a Fabricator C’s sales and number of employees, and compares them with those of the other fabricators.

Concept explainers

Videos

Find the z-score of a Fabricator C’s sales. Find the z-score of number of employees.

Locate the z value of Fabricator C’s sales. Locate the z value of number of employees.

Compare Fabricator C’s sales and number of employees with those of the other fabricators.

Chapter 7 Solutions

Find the z-score of a Fabricator C’s sales.

Find the z-score of number of employees.

Locate the z value of Fabricator C’s sales.

Locate the z value of number of employees.