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?
(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 ...
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.