Statistics in Business Do some research, from a reliable source, such as the U.S
ID: 3142732 • Letter: S
Question
Statistics in Business
Do some research, from a reliable source, such as the U.S. Department of Labor (not a scholastic or school site or Wikipedia) to find an interesting set of data and present the mean, median, mode, and standard deviation for this data set. In your initial post, fully explain the information and/or make predictions for the future based on your findings. For example, if you are using previous sales for your data set, you might want to predict future sales or suggest wholesale ordering of product for the business to sell.
Explanation / Answer
Data:
Mean = 14,070
Order the data from smallest to largest.
11,300
11,800
12,100
12,100
12,600
12,800
19,060
20,800
Since there are eight data points, I will take the average of the fourth and fifth point.
= 12,350
Mode: Order the data from smallest to largest.
11,300
11,800
12,100
12,100
12,600
12,800
19,060
20,800
The data value that is listed most often is 12,100.
Standard Deviation:
Mean = 14,070
Divide the sum by (n-1): = 13,507,771.4285
Take the square root of this number to find the Standard Deviation: = 3,675.29
My prediction would be that the number of employees would even decline more in 2016. The incredible jump from 12,600 employees in 2013 to 20,800 employees in 2014 and subsequent drop in number of employees in 2015 tells me the company may have over-hired. They will probably reduce the number of employees again. This is based on the average for the eight years (14,070) and the trend from 2014-2015.
Source of data : https://www.statista.com/statistics/370346/number-of-employees-hershey-company/
Year Number of Employees 2008 12,800 2009 12,100 2010 11,300 2011 11,800 2012 12,100 2013 12,600 2014 20,800 2015 19,060Related Questions
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