Consider the frame of 50 full-time employees of Computer Technologies, Inc (CTI). CTI’s human resources manager has collected annual salary figures for all employees and she has calculated a mean of $52,723, a median of $48,082 and a standard deviation of $24,167. A simple random sample of 10 employees is presented below (salary is in $1,000’s). Compute the mean, median, and standard deviation for the sample and compare these statistics with the measures for the entire company.
Employee1
2
3
4
5
6
7
8
9
10
Salary38.8
46.7
61.1
49.6
58.5
78.8
36.7
46.5
47.6
56.7
What will be an ideal response?
Sample statistics: mean = $52,100, median = $48,600, standard deviation = $12,279.52Population parameters: mean = $52,723, median = $48,082, standard deviation = $24,167The sample mean and median are nearly the same as the corresponding population mean and median, but the sample standard deviation is much smaller than the population standard deviation.?
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