The Data of Annual Salaries: Descriptive Statistics

Methodology

The data of annual salaries were collected from a sample of 12 operators (N = 12) in a chemical manufacturing company. The sample of plant operators was selected randomly and annual salaries recorded. Sharpe, De Veaux, and Velleman (2015) assert that sampling of data reduces researchers’ biases in the collection and analysis of data. The collected data containing annual salaries of plant operators were analyzed using descriptive statistics. The MS Excel’s was the statistical package that was used in performing the statistical analysis, which generated the descriptive statistics of the annual salaries of plant operators.

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Analysis

Annual Salaries
Mean 75195.92
Standard Error 1352.86
Median 74840.00
Mode #N/A
Standard Deviation 4686.46
Sample Variance 21962862.27
Kurtosis -1.44
Skewness -0.09
Range 13699.00
Minimum 67956.00
Maximum 81655.00
Sum 902351.00
Count 12.00
Confidence Level (95.0%) 2977.63

Regarding the measures of central tendency, descriptive statistics indicate that the annual salaries of plant operators have a mean of 75195.92 and a median of 74840 but have no mode. According to Black (2009), the closeness of the mean and median depicts that the distribution of data is around the center. In this case, the closeness of the mean and the median shows that annual salaries do not have a skewed distribution.

In the aspect of measures of dispersion, descriptive statistics indicate that the annual salaries of plant operators have a range of 13699. The range of annual salaries varies from 67956 to 81655, which are the minimum and maximum values respectively. The descriptive statistics show that annual salaries of plant operators have a standard deviation of 4686.46 from the mean (M = 75195.92±4686.46).

Moreover, the annual salaries of plant operators have a variance of 21962862.27. The range, standard deviation, and variance, which are measures of dispersion, reveal that the annual salaries of plant operators are not highly variable. The distribution of the annual salaries exhibits negative kurtosis (-1.44) and negative skewness (-0.09). Sharma (2012) explains that the normal distribution has kurtosis and skewness of zero. Hence, since the kurtosis and skewness are close to zero, the distribution of annual salaries follows the normal distribution.

References

Black, K. (2009). Business Statistics: Contemporary Decision Making. New York: John Wiley & Sons.

Sharma, J. K. (2012). Business statistics. New Delhi: Dorling Kindersley.

Sharpe, N., De Veaux, R., & Velleman, P. (2015). Business Statistics. New York: Pearson Education.

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StudyCorgi. (2020, December 7). The Data of Annual Salaries: Descriptive Statistics. Retrieved from https://studycorgi.com/the-data-of-annual-salaries-descriptive-statistics/

Work Cited

"The Data of Annual Salaries: Descriptive Statistics." StudyCorgi, 7 Dec. 2020, studycorgi.com/the-data-of-annual-salaries-descriptive-statistics/.

1. StudyCorgi. "The Data of Annual Salaries: Descriptive Statistics." December 7, 2020. https://studycorgi.com/the-data-of-annual-salaries-descriptive-statistics/.


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StudyCorgi. "The Data of Annual Salaries: Descriptive Statistics." December 7, 2020. https://studycorgi.com/the-data-of-annual-salaries-descriptive-statistics/.

References

StudyCorgi. 2020. "The Data of Annual Salaries: Descriptive Statistics." December 7, 2020. https://studycorgi.com/the-data-of-annual-salaries-descriptive-statistics/.

References

StudyCorgi. (2020) 'The Data of Annual Salaries: Descriptive Statistics'. 7 December.

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