You have been asked to provide a salary recommendation for a new position in your organization. To
Question:
You have been asked to provide a salary recommendation for a new position in your organization. To inform your recommendation, you conduct a search of job postings from the past 12 months to determine an appropriate salary range that reflects current industry standards (Table 1).
Table 1
Employer | Salary Range |
Employer A | $62,000 - $78,000 |
Employer B | $60,000 - $70,000 |
Employer C | $62,500 - $75,000 |
Employer D | $62,000 - $72,000 |
Employer E | $65,000 - $75,000 |
Employer F | $60,000 - $70,000 |
Employer G | $61,250 - $68,000 |
Employer H | $65,000 - $75,000 |
Employer I | $60,500 - $70,000 |
Employer J | $64,000 - $78,000 |
Use the data from Table 1 to calculate:
The mean
The variance
The standard deviation
Provide a response the following question:
What does the standard deviation reveal about the range of salaries for the new position?
Auditing and Assurance services an integrated approach
ISBN: 978-0133125689
15th edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley