As the Finance Manager of an accounting firm, you were given the following employees’ performance scores in a table format (Figure 1) for fiscal 2019. You were asked by the CEO to present the results to the Board in lieu of a pending Christmas bonus payment. Performance Grade # of Employees 50-59 3 60-69 5 70-79 9 80-89 12
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Scenario #1
As the Finance Manager of an accounting firm, you were given the following employees’ performance scores in a table format (Figure 1) for fiscal 2019. You were asked by the CEO to present the results to the Board in lieu of a pending Christmas bonus payment.
|
Performance Grade |
# of Employees |
|
50-59 |
3 |
|
60-69 |
5 |
|
70-79 |
9 |
|
80-89 |
12 |
|
90-100 |
8 |
You are required to make a presentation on the interpretation of the data using two of the best measures of
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