Aa Aa 6. Using scores to compare different populations The International Average

Question

Aa Aa 6. Using scores to compare different populations The International Average salary Income Database provides a comparison of average salaries for various professions. The data are gathered from publications and reports obtained directly from government agencies (such as the U.S Bureau of Labor Statistics) or from the International Labour organization. suppose an industrial/organizational psychologist is interested in the relationships between job satisfaction, job performance, and job compensation. She has data from five different countries on the average monthly salaries paid to accountants. She begins her analysis by converting all of the salary data into U.S. dollars: Standard Average Monthly salary Deviation original (U.s. dollars) (us. dollars) currency Country $139.20 koruna $928 the Czech Republic lat $106.40 $709 Latvia $836.80 $2,789 Won Korea $89.60 leu $597 Romania $1,011.00 dollar $3,370 the United States To appreciate the differences among the countries, she calculates the z-scores for an accountant making $1,500 per month. Use the dropdown menus to complete the following table. z-score for $1,500 salary Country the Czech Republic Latvia Korea Romania the United States

Explanation / Answer

Solution

z-score of salary = {(salary – average salary)/standard deviation of salary}

z-scores of salary $1500 for the given five countries:

  

Country

Average salary (µ)

Standard deviation of salary ()

z-score = (1500 - µ)/

Czech Republic

928

139.2

4.109195402

Latvia

709

106.4

7.434210526

Korea

2789

836.8

-1.540391969

Romania

597

89.6

10.078125

United States

3370

1011

-1.849653808

Accountant from Latvia ia likely to be most pleased with the offer since z-score is the highest in Latvia among the given 5 countries.

DONE

Country

Average salary (µ)

Standard deviation of salary ()

z-score = (1500 - µ)/

Czech Republic

928

139.2

4.109195402

Latvia

709

106.4

7.434210526

Korea

2789

836.8

-1.540391969

Romania

597

89.6

10.078125

United States

3370

1011

-1.849653808

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