Mr. James, president of Daniel-James Financial Services, believes that there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, he gathered the following information from a sample of clients for the last month. Let X represent the number of times that the client was contacted and Y represent the valye of sales ($1000) for each client sampled. Number of Contacts (X) Sales ($1000) 14 24 12 14 20 28 16 30 23 30 c) James would like to require 30 client contacts per month. Based upon the above data, predict what the monthly sales would be for this number of client contacts. What would be your advice to Mr. James about his proposed policy?
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.
Mr. James, president of Daniel-James Financial Services, believes that there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, he gathered the following information from a sample of clients for the last month. Let X represent the number of times that the client was contacted and Y represent the valye of sales ($1000) for each client sampled.
| Number of Contacts (X) | Sales ($1000) |
| 14 | 24 |
| 12 | 14 |
| 20 | 28 |
| 16 | 30 |
| 23 | 30 |
c) James would like to require 30 client contacts per month. Based upon the above data, predict what the monthly sales would be for this number of client contacts. What would be your advice to Mr. James about his proposed policy?
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