Data Set 1 presents a sample of annual salaries for recently hired plant operators at a chemical manufacturing company.

Data Set 1 presents a sample of annual salaries for recently hired plant operators at a chemical manufacturing company. Use Excel's ToolPak (or any statistical package that you are comfortable with) to compute descriptive statistics for the data. Submit your statistical output from Excel, which should include values for the mean, median, mode, sample variance, and sample standard deviation, and a one-page Word document in which you present an analysis of your results.

These are the calculations.....

Annual Salary

Mean	$ 75,195.92
Standard Error	$ 1,352.86
Median	$ 74,840.00
Mode	#N/A
Standard Deviation	$ 4,686.46
Sample Variance	$ 21,962,862.27
Kurtosis	$ (1.44)
Skewness	$ (0.09)
Range	$ 13,699.00
Minimum	$ 67,956.00
Maximum	$ 81,655.00
Sum	$ 902,351.00
Count	12

Solutions

Expert Solution

After analysing the sample of annual salaries for recently hired plant operators at a chemical manufacturing company, I have observed that the mean annual salary for recently hired plant operators is $ 75,195.92

The median salary is $ 74,840.00. Since the mean and median of the salary lie close to each other, we can conclude that the distribution of salary is symmetric with respect to the median salary. That is nearly 50% of the workers get salary below $ 74,840.00 and 50% of them receives a salary above $ 74,840.00

Also, the skewness measure is 0.09 which is close to 0 which again justifies the fact that the distribution of salaries is symmetric about its median.

The maximum and minimum salary received $ 81,655.00 and $ 67,956.00 respectively, hence there isn't much of spread found in the data, i.e there is no big salary gap/difference between plant operators. This information can also be justified using standard error 1352.86 which is a measure of the spread of the data. Also, the range is $ 13,699.00 which is small compared to the salaries . Hence the data is not much widely spread.

Lastly, the kurtosis is $1.44 If the kurtosis is greater than zero, then the distribution has heavier tails and is called a leptokurtic distribution. By kurtosis, I mean peakedness of the distribution. That is the distribution of salaries has a steeper edge than a normal curve and has broader tails on both sides.

orchestra answered 1 year ago

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