You are interested in researching the Average Salaries of the 1000 Masters Students enrolled at the Eccles School of Business. In the process of conducting your research, you were able to get access to a 100 MBA students' salary data. You use this data to calculate the average salaries of the 100 MBA students at the Eccles School of Business which is $174,560.

This average salary calculation of $174,560 is an example of a ___________________.

Question

You are interested in researching the Average Salaries of the 1000 Masters Students enrolled at the Eccles School of Business. In the process of conducting your research, you were able to get access to a 100 MBA students' salary data. You use this data to calculate the average salaries of the 100 MBA students at the Eccles School of Business which is $174,560.

This average salary calculation of $174,560  is an example of a  ___________________.

BlackTom AI · Accepted Answer

The question presents a scenario where you computed a numerical summary (the average salary) from a subset of a larger group. 
Option 1: Parameter. A parameter would describe a numerical summary of the entire population (for example, the true mean salary of all 1000 Masters students). Since the calculation used only 100 MBA students, not the whole population, this is not a parameter. 
Option 2: Median. The median is the middle value that separates the higher half from the lower half in a data set. The value given is the average (mean), not the median, so this option mislabels the summary. 
Option 3: Statistic. A statistic is a numerical summary computed from a sample, such as the sample mean you calculated from 100 MBA students. This aligns with the described process and data scope. 
Option 4: Mode. The mode is the most frequently occurring value in a data set. Salary data typically do not have a single most frequent value, and the reported figure is not identifying a mode, so this choice is incorrect.

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