A company's HR department was interested in the average number of years that a person works before retiring. A sample of workers shared their remaining years of service:
10 16 18 19 20 21 21 22 24 24 24
a. What is the mode? What does it signify?
b. What is the arithmetic mean? Interpret its meaning.
c. What is the median? Explain this value.
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a. The mode is 24. This signifies that the most common remaining years of service among the sample of workers is 24.
b. The arithmetic mean is calculated by adding up all the values and dividing by the total number of values. In this case, the arithmetic mean is (10+16+18+19+20+21+21+22+24+24+24)/11 = 20.09. The arithmetic mean represents the average remaining years of service for the sample of workers.
c. The median is the middle value when the data is arranged in ascending or descending order. In this case, the data arranged in ascending order is 10, 16, 18, 19, 20, 21, 21, 22, 24, 24, 24. The middle value is 21. The median represents the middle value of the remaining years of service in the sample.
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