Question

Fast Pax Annual Salaries (Thousands of Dollars) The report mentioned that the average salary is $39,500. Based on the report about salary, what would you say to someone who wants to work for Fast Pax?.

Answer 1

Average is the best prediction. For the given case, if someone is wanting to  work for Fast Pax, then his salary is most likely to be around $39,500

What is the interpretation of average?

Arithmetic mean is the best central measure available for representing the values of a data set.  It is also called average of the values of the considered data set.

It serves as one representation of the values of the data set. If for a data set, only its average is given, then we can't say much about the values of the data set, but we can  say that the data values are going to be around that average (average is closest number to its data set's values compared to any other number)

It serves as predicted value(in case no other information of the data is available) of that data set.

Average provides ill information in case of skewed data.

Thus, for the given case, as average annual salary for the Fast Pax is $39,800, so we can say that, the salaries of someone who wants to work for Fast Pax would be around $39,800 most probably.

Learn more about expected value here:

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