Question

You have been asked to provide a salary recommendation for a new position in your organization. To inform your recommendation, you conduct a search of job postings from the past 12 months to determine an appropriate salary range that reflects current industry standards (Table 1).

Answer 1

Answer:

mployer Salary Range midvalue) -mean (x-mean) 23375 5463906.25 Employer $62,000 70000 Employer $60,000 $70,000 65000 26625 7088906.25 10875 1182656.25 Employer $62,500 -6625 438906.25 Employer $62,000 67000 23375 5463906.25 Employer $65,000 70000 Employer $60,000 $70,000 65000 26625 7088906.25 Employer $61,250 -3037.5 9226406.25 23375 5463906.25 Employer $65,000 $75,000 70000 Employer $60,500 24125 5820156.25 33375 11138906.3 Employer $64,000 71000 676625 0 583765625 sum- 0 5837656.25

Mid-value of the each employer, x-(lower limit +upper limit)/2 Mean i- Ex/n 676625/10=67662.5 Σ(x-x)2/(n-1 ) Variance σ2 -58376562.5/9 6486284.722 Standard deviation σ= V6486284.722-2546.82 Range of salary = σ 67662.5+2546.82 (65115.68, 70209.32) Salary recommendation 67.6625