Here are first-year sales (in thousands) for some recent new product introductions that are similar to one you are considering.
10, 12, 16, 47, 39, 22, 10, 29
a. Find the average and standard deviation. Interpret the standard deviation.
b. After you went ahead with the product introduction you were considering, it turned out to have first-year sales of 38 (thousand). How far from average is this? Compare this answer to the standard deviation.
c. The next new product introduction rang up 92 (thousand) the first year. How many standard deviations (from part a) is this from the average (also from part a)?
d. For the new product introductions of parts b and c, say whether each is typical for your firm and indicate how you know.