Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for a portion of the salespeople in the organization for the most recent fiscal year.

a. Compute the mean (in $1000), variance (in $1000²), and standard deviation (in $1000) for these annual sales values. Round your answers to the nearest whole number.

b. In the previous fiscal year, the average annual sales amount was 290 thousand with a standard deviation of 95 thousand. Discuss any differences you observe between the annual sales amount in the most recent and previous fiscal years. Which of the following is correct?

(i) The difference in the mean annual sales amount is very small and is most likely due to random change in demand for these products.

(ii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly higher.

(iii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly lower.

Salesperson Sales Amount ($1000) Salesperson Sales Amount ($1000)

Joseph 127 Wei 450

Jennifer 228 Samantha 393

Phillip 534 Erin 262

Stanley 346 Dominic 312

Luke 278 Charlie 192

Lexie 195 Amol 203

Margaret 324 Lenisa 448

Transcribed Image Text:Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for a portion of the salespeople in the organization for the most recent fiscal year. Click on the datafile logo to reference the data. DATA file Sales Amount ($1000) Salesperson 127 228 Phillip 534 Erin Stanley 346 Dominic Luke 278 Charlie 195 Amol Lexie Margaret 324 Lenisa a. Compute the mean (in $1000), variance (in $10002), and standard deviation (in $1000) for these annual sales values. Round your answers to the nearest whole number. $ Salesperson Joseph Jennifer Choice (i) 307 thousand thousand² thousand Wei Sales Amount ($1000) 450 393 262 312 192 203 448 Samantha Mean Variance Standard deviation $ b. In the previous fiscal year, the average annual sales amount was $290 thousand with a standard deviation of $95 thousand. Discuss any differences you observe between the annual sales amount in the most recent and previous fiscal years. (i) The difference in the mean annual sales amount is very small and is most likely due to random change in demand for these products. (ii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly higher. (iii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly lower. Choose the correct option.

Question

Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for a portion of the salespeople in the organization for the most recent fiscal year.

a. Compute the mean (in $1000), variance (in $1000²), and standard deviation (in $1000) for these annual sales values. Round your answers to the nearest whole number.

b. In the previous fiscal year, the average annual sales amount was 290 thousand with a standard deviation of 95 thousand. Discuss any differences you observe between the annual sales amount in the most recent and previous fiscal years. Which of the following is correct?

(i) The difference in the mean annual sales amount is very small and is most likely due to random change in demand for these products.

(ii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly higher.

(iii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly lower.

Salesperson	Sales Amount ($1000)	Salesperson	Sales Amount ($1000)
Joseph	127	Wei	450
Jennifer	228	Samantha	393
Phillip	534	Erin	262
Stanley	346	Dominic	312
Luke	278	Charlie	192
Lexie	195	Amol	203
Margaret	324	Lenisa	448

Transcribed Image Text:Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for a portion of the salespeople in the organization for the most recent fiscal year. Click on the datafile logo to reference the data. DATA file Sales Amount ($1000) Salesperson 127 228 Phillip 534 Erin Stanley 346 Dominic Luke 278 Charlie 195 Amol Lexie Margaret 324 Lenisa a. Compute the mean (in $1000), variance (in $10002), and standard deviation (in $1000) for these annual sales values. Round your answers to the nearest whole number. $ Salesperson Joseph Jennifer Choice (i) 307 thousand thousand² thousand Wei Sales Amount ($1000) 450 393 262 312 192 203 448 Samantha Mean Variance Standard deviation $ b. In the previous fiscal year, the average annual sales amount was $290 thousand with a standard deviation of $95 thousand. Discuss any differences you observe between the annual sales amount in the most recent and previous fiscal years. (i) The difference in the mean annual sales amount is very small and is most likely due to random change in demand for these products. (ii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly higher. (iii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly lower. Choose the correct option.

Accepted Answer

We have to calculate mean and standard deviation and we have to compare mean from last year