Find the population mean for salary

Reference no: EM131805620

Using the experiences instead of the salaries.

Exercise

Continuing with the sample from the preceding exercise:

a. Find the population mean for salary. (Note: In real life, you usually cannot find the population mean. We are peeking "behind the scenes" here.)

b. Compare this population mean to the sample average for salary. In particular, how many standard errors apart are they?

c. Find the population standard deviation for salary and interpret this number.

d. Compare this population standard deviation to the sample standard deviation for salary.

e. Find the population standard deviation for the average salary for a sample and interpret this number. Compare it to the standard error from the sample salary data.

f. Arrange the numbers you have computed in a table where the columns are "population" and "sample" and the rows are "sample average and population mean," "standard deviation of individuals," and "standard deviation and standard error of sample averages of 10 employees."

Reference no: EM131805620

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