Purchase Solution

Practical Business Statistics

Not what you're looking for?

Ask Custom Question

Chapter 8 Book Practical Business Statistics 5th edition Andrew F. Siegel

Problem 31
Here is a list of the dollar amounts of recent billings:

$994, $307, $533, $443, $646, $148, $307, $524, $71, $973, $710, $342, $494

a. Find the average sale. What does this number represent?
b. Find the standard deviation. What does this number represent?
c. Find the standard error. What does this number represent?
d. You are anticipating sending another 500 billings similar to these next month. What total amount should you forecast for these additional billings?

Purchase this Solution
Solution Summary

The expert finds the average sale, standard deviation, and standard error for recent billings. A complete, neat and step-by-step solution is provided in the attached file.

Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

View More Free Quizzes
Related BrainMass Solutions

  • Models in Business - Practical Significance

    135823 Models in Business - Practical Significance Models are useful in business as in many other applications, such as science.

  • Importance of statistical theory in business decision making

    Why is it so important we understand the theory even in the practical world of business decision making?

  • Statistics/Quality Control

    389759 Statistics/Quality Control Describe the uses of statistics and quality control in business. Please refer to the attached file for the response.

  • Regression Analysis

    What does that mean in practical terms?

  • Practical Business Statistics

    Confidence interval for mean weight Practical Business Statistics 5th edition Andrew F. Siegel Chapter 10 Problem 9 Your bakery produces loaves of bread with '1 pound' written on the label.

  • Statistics

    A person should care about Baye's Theorem in business because without this concept, a person would not know what to do in order to have a practical concept on helping others effectively that are customers or employees.

  • One Way ANOVA:Systolic Blood Pressure in Different Age Group

    In practical terms I need to use the materials below as a guide to the understanding and use of statistical data. Grove, S. (2007). Statistics for health care research: a practical workbook. (1st ed.). St. Louis, MO: Elsevier.

  • Normality and Business Research

    Normal distribution is so popularly used in statistics because most populations in practical life follow the bell shaped curve - starting from the very bottom, then reaching a peak, and then dropping back to the bottom.

  • Correlation analysis

    Not only can statistics be used when dealing with employees, but business statistics is the science of "good" decision making when faced with uncertainty and can be used in financial analysis, econometrics, auditing, production and operations, and marketing

View More Related Solutions