Project #10250 - Business Math

 

A small cell phone manufacturing company using a robotic assembly line employs 13 people with the following annual salaries:

$120,000 President $100,000 Vice president

$ 75,000 Financial manager $ 65,000 Sales manager

$ 40,000 Production manager $ 30,000 Production supervisor

$ 30,000 Warehouse supervisor $ 16,000 Six unskilled laborers

 

1. Calculate the mean, median, mode and standard deviation for the salaries rounded up to the nearest thousand of dollars. Interpret each calculated value.


and respond to one of the following:

 

2. The statistic most often used to describe company salaries is the median or the mean. For this company, does the mean give an accurate description of the salaries? Why or why not?

 

3. Which statistic would this company’s labor union representative be most likely to cite during contract negotiations and why? Which statistic would the company president most likely report at the annual shareholders’ meeting and why?

 

4. Name another situation in which it would be beneficial to report the highest average salary, and name another situation where it would be beneficial to use the lowest average salary.

Subject Mathematics
Due By (Pacific Time) 08/03/2013 02:03 am
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