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A small cell phone manufacturing company using a robotic assembly line employs 13 people with the following annual salaries:
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$ 120,000 President $100,000 Vice president
$ 75,000 Financial manager $ 65,000 Sales manager
$ 40,000 Production manager $ 30,000 Production supervisor
$ 30,000 Warehouse supervisor $ 16,000 six unskilled laborers
The statistic most often used to describe company salaries is the median or the mean. For this company, does the mean give an accurate description of the salaries? Why or why not?
Which statistic would this company’s labor union representative be most likely to cite during contract negotiations and why? Which statistic would the company president most likely report at the annual shareholders’ meeting and why?
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Solution Preview
The statistic most often used to describe company salaries is the median or the mean. For this company, does the mean give an accurate description of the salaries? Why or why not?
The mean involves adding up all of the different salaries and then dividing by the number of data. In this situation, the total salary is 556000. There are a total of 13 …
