Find the Number of Standard Deviations from the Mean

question 209

Multiple Choice

Find the number of standard deviations from the mean. Round your answer to two decimal places.
-Mario's weekly poker winnings have a mean of $353 and a standard deviation of $67. Last week he won $185. How many standard deviations from the mean is that?

• A) 1.25 standard deviations below the mean
• B) 1.25 standard deviations above the mean
• C) 2.51 standard deviations below the mean
• D) 2.51 standard deviations above the mean

Understand the characteristics and types of managerial decisions in organizational settings.

Identify the steps involved in the decision-making process and their sequence.

Differentiate between programmed and nonprogrammed decisions.

Recognize the impact of uncertainty and risk on the decision-making process.

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Definitions:

Anonymous Surveys

Surveys designed to collect data without revealing the identities of the respondents, enhancing the honesty and accuracy of responses.

Behavioral Economics

An area within economics that examines how psychological, cognitive, emotional, cultural, and social aspects influence the economic choices made by individuals and institutions.

System 1

A term from psychology, referring to the fast, automatic, and often subconscious way of thinking, as opposed to the slower, more deliberate thought processes of System 2.

System 2

A term often used in behavioral economics, referring to slow, deliberative, and analytical thinking, contrasted with fast, instinctive, and emotional 'System 1' thinking.