Seven people work at acetech, a small technology firm in Seattle. Their salaries (in $) over the past year are listed below. Compute the mean and also median salary for this firm and discuss whether it accurately indicates a typical value. President (and owner) $550,000 Chief Financial Officer $150,000 Senior Sales Associate $145,000 Administrative Assistant $40,000 Research Assistant $40,000 Computer Programmer $65,000 Senior Research Associate $90,000
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.
Seven people work at acetech, a small technology firm in Seattle. Their salaries (in $) over the past year are listed below. Compute the mean and also median salary for this firm and discuss whether it accurately indicates a typical value.
President (and owner) $550,000
Chief Financial Officer $150,000
Senior Sales Associate $145,000
Administrative Assistant $40,000
Research Assistant $40,000
Computer Programmer $65,000
Senior Research Associate $90,000
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