You Handle the Payroll at a Small Company Whose President

question 4

Essay

You handle the payroll at a small company whose president boasts that the average salary at his company is $54,000.What is the statistical reason for this distorted view of the company's average pay? Then,using the salaries listed below for everyone that works at this company determine the mean,median,mode,and range of salaries for this small company.
Salaries: $200,000 (president's salary); $100,000 (vice-president's salary)
Other eight employees earn $30,000 each.

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Definitions:

Knowledge Worker

Someone whose knowledge is a critical resource for employers.

Important Asset

A valuable resource owned by a person or company, regarded as being critical for achieving success or meeting objectives.

Employers

Entities or individuals who hire people to perform services or work in exchange for compensation.

Decision

A choice between alternative courses of action.