In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force. $ 315 $ 374 $ 359 $ 311 $ 376 $ 371 (a) Calculate I, s, and s for the expense data. (Round "Mean" and "Variances" to 2 decimal places and "Standard Deviation" to 3 decimal places.) x-bar S^2 S (b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round intermediate calculations and final answers to 2 decimals.) [x-bar i s] [x-bar 2 2s) (x-bar 2 3s)
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.
![In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a
random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales
force.
$ 315
$ 374
$ 359
$ 311
$ 376
$ 371
(a) Calculate I, s?, and s for the expense data. (Round "Mean" and "Variances" to 2 decimal places and "Standard Deviation" to 3
decimal places.)
x-bar
s^2
(b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance
intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round
intermediate calculations and final answers to 2 decimals.)
[x-bar t s]
[x-bar ± 2s]
[x-bar ± 3s]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4e180d85-0481-4f0a-9bba-3c40f35eaeec%2F1ffd93ea-9ac7-4779-8626-43254db07c08%2Ftkzq2rl_processed.jpeg&w=3840&q=75)
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