QUESTION 12

1. According to the market survey results listed in the case, please fill out the table below. Although rounding to decimals or including comma or dollar signs won't affect the automatic grade that you are getting from BlackBoard, please round to the nearest whole number and don't include commas or dollar signs in your answers for consistency.

   Note:

   Incumbent weighted means of base pay should be calculated for each benchmark job from the survey data. Incumbent weighted means, as compared to organization weighted mean (i.e. simple means), are calculated to better represent the market data. Incumbent weighted median can better represent the market data if it is available. Since the median data are not available in this case, we will focus on averages here.

   Organization weighted mean would be calculated by adding up the average base pay rates and dividing by the number of organizations; but small and large companies would both be given the same weight if using organization weighted mean.

   Incumbent weighted mean gives equal weight to each job incumbents wage and thus is more representative of the data. For example:

   	Average	# of employees
   Co. A	$30,000	2
   Co. B	$15,000	10

   The organization weighted mean (i.e. simple mean) salary is $22,500. (30000 + 15000) / 2 = 22500

   But the incumbent weighted mean salary is $17,500. (2/12 * 30000) + (10/12 * 15000) = 17500

   If we examine the raw data (i.e., the number of employees making various salaries), we can see that the weighted mean is more representative of the data presented.

   Benchmark Jobs	Number of Organizations	Number of Observations	Organization Weighted Mean	Incumbent Weighted Mean	Minimum	Maximum
   Front Desk Receptionist	6	9	19667	19944	17500	23000
   Administrative Assistant
   Operations Analyst
   Payroll Assistant
   Benefits Manager

Can someone help me finish filling in the table?