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Range And Variance

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Range and Variance

Given that these are the top 10 salaries, do we know anything about the variation of the salaries

of TV personalities in general?

Yes: the salary in general varies from the Personalities at the top ranking to those at

bottom ranks.

Range = largest salary – smallest salary

=41-12.7

=28.3

Variance = the average of the squared differences from the mean salary

Mean= (41+39+37+31+20+18+15+14+13.8+12.7)/10

=24.15

Variance = {(41-24.15)

2

+ (39-24.15)

2

+ (37-24.15)

2

+ (31-24.15)

2

+ (20-24.15)

2

+ (18-24.15)

2

+

(14- 24.15)

2

+ (13.8-24.15)

2

+ (12.7-24.15)

2

}/10

=119.65

Standard deviation= square root of variance

=10.94

Is the standard deviation of the sample a good estimate of the variation of the salaries of the TV

personalities in general?

C. Yes, because the sample is random.

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Surname 1 Student’s name: Instructor: Course: Date: Range and Variance Given that these are the top 10 salaries, do we know anything about the variation of the salaries of TV personalities in general? Yes: the salary in general varies from the Personalities at the top ranking to those at bottom ra ...
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Aberystwyth University Forecasting Models for The Rate of Inflation Analysis

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