Organization	Base Salary	"Updated" Salary	# of Employees on Job
1	$ 65,000.00	$ 70,330.00	10		Inflation (CPI-U, 12 month)			1.082		(See Slide 22)
2	$ 59,850.00	$ 64,757.70	3
3	$ 81,225.00	$ 87,885.45	6		"Updated" Median Pay			$ 79,851.60		(See slide 24)
4	$ 73,100.00	$ 79,094.20	35		"Updated" Average Pay (Unweighted)		$ 82,107.03		(See slide 24)
5	$ 70,500.00	$ 76,281.00	24		"Updated" Trimmed Mean (Unweighted)				(See slide 21)
6	$ 100,420.00	$ 108,654.44	1		"Updated" Range (Max - Min)			$ 43,896.74		(Use min and max formula)
7	$ 71,000.00	$ 76,822.00	10		"Updated" Weighted Mean					(See slide 26)
8	$ 74,500.00	$ 80,609.00	20
9	$ 82,000.00	$ 88,724.00	4
10	$ 81,250.00	$ 87,912.50	12
Instructions (complete this individually [if you want the practice], or in a group)				Questions (Answer these; submit one excel document with names)
1) Obtain "updated" salary by multiplying the old salary withinflation(assume 8.2% or 1.082)		3) Are there any outliers you should be aware of?
2) Using the "Aged" salary, compute the median, mean , trimmed mean, and range				4) Based on your analysis, recommend a pay rate for this position. Why did you recommend this pay rate but not others?
							5) Given more time and resources:
		65,000*0.082= $5,330 (organization 1)				what additional information besides base salary levels would you try to obtain from each company about the job reported in the survey, and why?
		$65,000 +$5,330 = $70.330					what additional company-level information might also be relevant to know about the 10 organizations above, and why?
		8.2% --->0.082
	or $65,000 * (1 +0.082) = $70,330