## Related questions with answers

Sample annual salaries (in thousands of dollars) for employees at a company are listed.

$48, 45, 62, 59, 32, 32, 48, 45, 62, 26, 59, 48, 49.$

To calculate the monthly salary, divide each original salary by $12$. Find the sample mean and sample standard deviation for the revised data set.

Solution

VerifiedUnderstanding employee compensation is crucial for several reasons. First, salaries are often the largest expenditure in an organization, impacting the bottom line directly. Second, knowing the average and variability in salaries can help the management make informed decisions on matters such as raises, bonuses, and new hires. It also aids in budget planning, employee retention strategies, and even in negotiations for contracts or collective bargaining agreements.

Let's consider our data set, which contains sample annual salaries for employees at a company in thousands of dollars. The sample includes a range of figures: some relatively low, some high, and others in between.

But annual figures, while useful, may not give us an immediate sense of what employees are taking home each month. Monthly salaries can often be more relatable and practical for various analyses and planning.

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