Suppose That the Student Taking 22 Credit Hours in the Data

question 2

Essay

Suppose that the student taking 22 credit hours in the data set in the previous question was
actually taking 28 credit hours instead of 22 (so we would replace the 22 in the data set with
28).
Indicate whether changing the number of credit hours for that student would make each
of the following summary statistics increase, decrease, or stay about the same:
a. mean _____
b. median______
c. range__________
d. IQR________
e. standard deviation_________

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Definitions:

Ideal Standards

Standards that assume perfect operating conditions with no inefficiencies, waste, or delays, used for benchmarking or motivating improvement.

Forecasting

The process of making predictions about future events or trends based on historical data and analysis.

Planning

The process of setting goals, developing strategies, and outlining tasks and schedules to accomplish the goals.

Standard Costs

Standard costs are the estimated costs associated with the production of goods or services, used for budgeting and performance evaluation.