BZ research consultancy firm conducted a study of how chief executive officers (CEOs) spend their day. The study found that CEOs spend on average about 18 hours per week in meetings, not including conference calls, business meals, and public events. Shown below is the time spent per week in meeting (hours) for a sample of 25 CEOs. 14 15 18 23 15 19 20 13 15 23 23 21 15 20 21 16 15 18 18 19 19 22 23 21 12 a. Prepare a numerical summary report including the summary measures, mean, median, range, variance, standard deviation, and coefficient of variation, smallest and largest values, and the three quartiles. b. Use a class width of 2 hours to prepare a frequency distribution and a percentage frequency distribution for the data. c. Prepare a histogram and comment in the shape of the distribution.
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.
ABZ research consultancy firm conducted a study of how chief executive officers (CEOs) spend their day. The study found that CEOs spend on average about 18 hours per week in meetings, not including conference calls, business meals, and public
14 15 18 23 15 19 20 13 15 23 23 21 15 20 21 16 15 18 18 19 19 22 23 21 12
a. Prepare a numerical summary report including the summary measures, mean, median,
b. Use a class width of 2 hours to prepare a frequency distribution and a percentage frequency
distribution for the data.
c. Prepare a histogram and comment in the shape of the distribution.
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