In the third phase of the business strategy formulation, you choose to work with the Vice President of Human Resources regarding succession planning for your sales team.
In general, the sales employees in your organization retire when they reach 65 years old. Your organization has 150 sales employees.
To begin your work on this task, you collect information on a sample of 15 sales employees.
The sample set you collected is shown in the table below:
Employees | Employee Ages
Employee #1 / 5
Employee #2 / 59
Employee #3 / 60
Employee #4 / 53
Employee #5 / 58
Employee #6 / 58
Employee #7 / 56
Employee #8 / 59
Employee #9 / 63
Employee #10 / 67
Employee #11 / 58
Employee #12 / 63
Employee #13/ 59
Employee #14 / 64
Employee #15 / 50
1. Calculate the sample mean for this data set.
2. Calculate the sample standard deviation for this data set.
3. The sample mean and sample standard deviation are estimators. What are they estimators for?
4. How would you recommend the organization use this information for succession planning in the context of predictive analytics?
This assignment should be at least 500 words in length and submitted as a Microsoft Word document.