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 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.
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(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 ...
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