Sales and Experience
The general manager of a chain of department stores believes that experience is the most important factor in determining the level of success of a salesperson. To examine this belief she records last month's sales (in $1,000s) and the years of experience of 10 randomly selected salespeople. These data are listed below.
-(Sales and Experience Narrative} Determine the coefficient of determination and discuss what its value tells you about the two variables.
Definitions:
Z-statistic
A statistic that quantifies the number of standard deviations a data point is from the population mean.
Level of Significance
The threshold below which a p-value is considered statistically significant, indicating the probability of wrongly rejecting the null hypothesis.
Sample Mean
The arithmetic mean calculated from a sample of data from a larger population, used to estimate the population mean.
Population Mean
The average measure of a set of values from the entire population of interest, representing its central tendency.
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