The following data represent the number of days absent per year in a population of six employees

Question:

The following data represent the number of days absent per year in a population of six employees of a small company:

1 3 6 7 9 10

a. Assuming that you sample without replacement, select all possible samples of n = 2 and construct the sampling distribution of the mean. Compute the mean of all the sample means and also compute the population mean. Are they equal? What is this property called?

b. Repeat (a) for all possible samples of n = 3.

c. Compare the shape of the sampling distribution of the mean in (a) and (b). Which sampling distribution has less variability? Why?

d. Assuming that you sample with replacement, repeat (a) through (c) and compare the results. Which sampling distributions have the least variability— those in (a) or (b)? Why?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...