The Question is Interpretation of Minimum and Maximum??????? Scenario: You are e

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Interpretation of Minimum and Maximum???????

Scenario: You are employed as a statistician for a company that makes household products, which are sold by part-time salespeople who work during their spare time. The company has four salespeople employed in a small town. Let us denote these salespeople by A, B, C, and D. The sales records (in dollars) for the past 6 weeks for these four salespeople are shown in the table below.

Your supervisor has asked you to prepare a brief report comparing the sales volumes and the consistency of sales of these four salespeople.

Use the mean sales for each salesperson to compare the sales volumes.

Choose an appropriate statistical measure to compare the consistency of sales.

Week A B C D 1 1774 2205 1330 1402 2 1808 1507 1295 1665 3 1890 2352 1502 1530 4 1932 1939 1104 1826 5 1855 2052 1189 1703 6 1726 1630 1441 1498 Min 1726 1507 1104 1402 Max 1932 2352 1502 1826 Mean 1831 1948 1310 1604 Median 1832 1996 1313 1598 Std Dev 76 327 149 155 Variance 5812 107153 22345 24064 1st Quartile 3rd Quartile

Explanation / Answer

We can use mean sales for each salesperson to compare between the sales volumes.

Mean of sales of salesperson A is 1831, for B is 1948, for C is 1310 and for D is 1604. Hence, Salesperson B has got the highest amount of sales (in dollars) on average, followed by A, D and C. (Ans).

As a measure of consistency, we can take standard deviation or variance as a possible measure. Without loss of generality, we choose standard deviation in this case. So standard deviation of sales of salesperson A is 76, for B is 327, for C is 149 and for D is 155.

Thus Salesperson A is most consistent in terms of amount of sales (in dollars), followed by C, D and B. (Ans).

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