The average salary in a bank was publicized at the end of the Fiscal Year 2018....
The average salary in a bank was publicized at the end of the Fiscal Year 2018. The two "averages" reported were $156,900 and $355,300. Which of these numbers was the mean salary and which was the median salary? Explain your answer.
Homework Answers
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Here's the answer to the question. Please don't hesitate to give a thumbs up for the answer in case you are satisfied with the answer.
The first average of $156900 is actually the median salary, as it's not skewed to a very amount by outliers just as the other number is.
The other average, the number $355300, is the mean salary as it's skewed up by outliers. Mean becomes a not so good measure of central tendency when there is skew in the distribution. You should use the median in such cases to represent the center tendency of the distribution.
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The average salary in a bank was publicized at the end of the
Fiscal Year 2018....
Q. The average salary in a bank was publicized at the end of the Fiscal Year...
Q. The average salary in a bank was publicized at the end of the Fiscal Year 2018. The two "averages" reported were $156,900 and $355,300. Which of these numbers was the mean salary and which was the median salary? Explain your answer. (10%)
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Q. The average salary in a bank was publicized at the end of the Fiscal Year 2018. The two "averages" reported were $156,900 and $355,300. Which of these numbers was the mean salary and which was the median salary? Explain your answer. (10%)
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