Human Resource Consulting (HRC) is surveying a sample of 60 firms in order to st

Question

Human Resource Consulting (HRC) is surveying a sample of 60 firms in order to study health care costs for a client. One of the items being tracked is the annual deductible that employees must pay. The state Bureau of Labor reports the mean of this distribution (i.e. population mean) is $502 with a standard deviation () of $100. (10 points)
a) compute the standard deviation of the sample mean for HRC (i.e. ) Human Resource Consulting (HRC) is surveying a sample of 60 firms in order to study health care costs for a client. One of the items being tracked is the annual deductible that employees must pay. The state Bureau of Labor reports the mean of this distribution (i.e. population mean) is $502 with a standard deviation () of $100. (10 points)
a) compute the standard deviation of the sample mean for HRC (i.e. ) Human Resource Consulting (HRC) is surveying a sample of 60 firms in order to study health care costs for a client. One of the items being tracked is the annual deductible that employees must pay. The state Bureau of Labor reports the mean of this distribution (i.e. population mean) is $502 with a standard deviation () of $100. (10 points)
a) compute the standard deviation of the sample mean for HRC (i.e. )

Explanation / Answer

Here given HRC surveying sample size n=60

sample drawn from population with mean mu=$502 and standard deviation =$100

now the standard deviation of the sample mean xbar for HRC(sigma x bar)= population sd/square root of n

=sigma/root of n=100/7.746 =12.91

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