Exhibits salary data obtained from surveys. It provides compensation information on over 170 benchmark positions, including finance positions. It reports the salaries of chief finance officers for mid-size firms. Suppose that a sample is taken of the annual salaries for 25 CFOs. Assume the data are in thousands of dollars:
173.1 171.2 141.9 112.6 211.1 156.5 145.4 134.0 192.0 (row 1)
185.8 168.3 131.0 214.4 155.2 164.9 123.9 161.9 162.7(row 2)
178.8 161.3 182.0 165.8 213.1 177.4 159.3 (row 3)
a.Calculate the mean salary of the CFOs.
b.Based on measures of the center of the data; determine if the CFO salary data are skewed.
c.Construct a box and whisker plot and summarize the characteristics of the CFO salaries that it reveals
Problem 3.16: You can use the Box and Whisker plot in PHStat for part c, and Excel's Descriptive Statistics for parts a and b (don't forget to check the "summary statistics" box).