Question

A simple random sample of 5 months of sales data provided the following information:

Answer 1

The point estimate of the mean for the data set is 90 and the standard deviation is  approximately 5.59 .

The value of the parameter in the sample is used to determine the point estimate of a population parameter.

a) In this issue, the mean is the parameter whose estimate we seek.

Sample numbers for this issue are 94, 85, 85, 94, and 92.

(Amount of units sold monthly).

The sample mean is calculated as follows: Since the sample mean is calculated as the sum of all observations in the sample divided by the total number of observations:

Mean = (94 + 85 + 85 + 94 + 92)/5 = 90.

b) The data set for the number of units sold are  94 80 85 94 92

Standard deviation is calculated using the formula: ${\displaystyle s_{N}={\sqrt {{\frac {1}{N}}\sum _{i=1}^{N}\left(x_{i}-{\bar {x}}\right)^{2}}},}$

here n= 5

x = 90

Substituting the values we get

Sₙ = 5.585..

Sₙ ≈ 5.59

Therefore the mean is a) 90 and the standard deviation is approximately 5.59 .

The standard deviation in statistics is a measure of variation or dispersion (which relates to the degree to which a distribution is stretched or compressed) between values in a set of data. It is typically represented by the symbol.

The tendency is that the lower the standard deviation, the closer the data points will be to the mean (or expected value). On the other side, a higher standard deviation indicates a wider range of values

To learn more about standard deviation visit:

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