Part 2

Your manager has asked you a number of questions about the data – Please answer the following – although a formal report format is NOT required, your work should be presented in such a way that your manager can follow your answers to his specific questions.  

1. You have 2 values for the mean – can you explain why the raw data mean and grouped data mean are different?  

Your answer must use the values on your spreadsheet to help in your explanation.  Conclude by advising your manager which of these values he should use.  

2. Using the raw data mean and the raw data standard deviation, calculate and briefly explain the maximum amount that 68% of customers will pay.  Also explain why you used the raw data values rather than the grouped data values.

3. What is generally the difference between the mean and the median (use your own words) and which one should you be using with this data?  Use simple examples to help with your explanations.

General presentation, spelling and grammar