Question

Listed below are the salaries, in $000, for a sample of 15 chief financial officers in the electronics industry.

Answer 1

Answer:

a)

Mean = sum of all numbers in dataset / total number in dataset

Mean = 8130/15 = 542

Median:

The median is also the number that is halfway into the set.

For median, we need to sort the data and then find the middle number which in our case is 546. Below is the sorted data

486  516 523  523  529  534  538  546  548  551  552  558  566  574  586

Standard Deviation (SD).  Here X represents dataset and N= count of numbers in data

As per the SD formula, which is Sqrt ( sum (X_i - Meanx(X))/(N-1))

SD= 25.082

2) Formula for coefficient of skewness using Pearson's method (using median) is,

SK = 3* ( Mean (X) - Median(X))/(Standard Deviation) =  3*(542-546)/25.082 = -0.325

3) coefficient of skewness using the software method is also same which is -0.325