Insurance companies are interested in the mean health care costs each year of their clients so that they can determine the costs of health insurance. They sample 150 of their clients. The Population: Select an answer The Sample: Select an answer The Parameter: Select an answer The Statistic: Select an answer
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
From given data,
Population is
all the clients from the insurance company
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
