Chapter 8 Book Practical BusinessStatistics5th edition Andrew F. Siegel
Here is a list of the dollar amounts of recent billings:
$994, $307, $533, $443, $646, $148, $307, $524, $71, $973, $710, $342, $494
a. Find the average sale. What does this number represent?
b. Find the standard deviation. What does this number represent?
c. Find the standard error. What does this number represent?
d. You are anticipating sending another 500 billings similar to these next month. What total amount should you forecast for these additional billings?
The expert finds the average sale, standard deviation, and standard error for recent billings. A complete, neat and step-by-step solution is provided in the attached file.