A sample of 5 months of sales data can be found in Excel below: Month Units Sold Point Estimates 1 95 2 100 Mean (1 decimal) 3 88 4 95 Standard Deviation (1 decimal) 5 92 a. Develop a point estimate of the population mean number of units sold per month (to 1 decimal). b. Develop a point estimate of the population standard deviation (to 2 decimals).
Added by Erin H.
Step 1
To do this, we add up the total units sold and divide by the number of months. Mean = (95 + 100 + 88 + 95 + 92) / 5 = 470 / 5 = 94.0 So, the point estimate of the population mean number of units sold per month is 94.0. Next, we need to find the standard Show more…
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