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    Ranking Factors

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    Ranking Factors.

    In a nationwide survey of 1000 companies with more than 50 employees, managers were asked to rank various factors that influence their decisions in hiring employees.

    Each factor was ranked on a scale of 1 to 10, with 1 being not important and 10 being very important. The factor "educational background" received a mean ranking of 7.2.

    Answer the following questions:
    - Is the sample mean of 7.2 exactly the same as the population mean?
    - If another sample of 1000 companies is taken, do you expect the sample mean to be 7.2 again? Why or why not?
    - By repeating this experiment many times with different samples, what values for the sample means would be possible?
    What values would repeat more often?

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    Solution Preview

    (a) The sample mean of 7.2 is close to the population mean but not exactly equal to the population mean.

    (b) In another sample ...

    Solution Summary

    A Complete, Neat and Step-by-step Solution is provided in this posting. It explains ranking factors as they relate to the population mean an sample mean.