# stat

**Topics:**Standard deviation, Arithmetic mean, Accounts receivable

**Pages:**3 (317 words)

**Published:**October 5, 2013

1.A wholesale appliance distributing firm wished to study its accounts receivable for two successive months. Two independent samples of 50 accounts were selected for each of the two months. The results have been summarized below.

Frequency distribution for accounts receivable

Amount

March Frequency

April Frequency

$0 - under $2,000

$2,000 - under $4,000

$4,000 - under $6,000

$6,000 - under $8,000

$8,000 - under $10,000

$10,000 - under $12,000

6

13

17

10

4

0

10

14

13

10

0

3

Totals

50

50

Plot the frequency histogram for each month.

2.For the data below, reporting employees’ absences in a particular department during a three-month period, determine the values of the mean and median. The number of days absent is reported to the nearest half-day.

EmployeeNumber

IDof days absent

0015.0

0020.0

0031.5

0043.0

0051.0

0062.0

0079.0

0085.5

0091.0

0104.0

0112.0

0122.0

3.Comment upon and interpret the differences in the values of the mean and median computed in Question 2. Which of these values best represents the “typical” number of days that employees were absent?

4.Which measure of central tendency would be most useful in each of the following instances?

(a)The production manager for a manufacturer of glass jars, who is concerned about the proper jar size to manufacture, has sample data on jar sizes ordered by customers. Would the mean, median, or modal jar size be of most value to the manager?

(b)The sales manager for a quality furniture manufacturer is interested in selecting the regions most likely to purchase his firm’s products. Would he be most interested in the mean or median family income in prospective sales areas?

(c)A security analyst is interested in describing the daily market price...

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