Calculate the Standard Deviation for Cost Per Order in the Following

question 94

Essay

Calculate the standard deviation for cost per order in the following table. $\begin{array}{|l|l|}\hline \text { Observation } & \text { Cost per order } \\\hline X 1 & \$ 1345 \\\hline X 2 & \$ 4364 \\\hline X 3 & \$ 1768 \\\hline X 4 & \$ 2278 \\\hline X 5 & \$ 4332 \\\hline X 6 & \$ 2984 \\\hline X 7 & \$ 3326 \\\hline\end{array}$

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Definitions:

Mean

The central or typical value in a distribution, calculated as the sum of all observations divided by the number of observations.

Confidence Interval

A swath of values, taken from statistical analyses of a sample, anticipated to hold within it the value of a not-yet-known population trait.

Standard Error

The standard deviation of the sampling distribution of a statistic, typically the mean.

Mean

The average value of a set of numbers, calculated by dividing the sum of all values by the number of values.