Suppose you had a data set of incomes in...

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MIS 660 Topic 1 Discussions GCU

MIS 660 Topic 1 DQ 1

Suppose you wanted to estimate the average household income of all Grand Canyon University (GCU) students. To expedite the process, you only gather household income data from all your friends who major in business at GCU. You then calculate the average income among your friends and report that it represents the average income of all GCU students. Is this a good approach? If not, how would you gather data to derive a better estimate? Explain your answer.

MIS 660 Topic 1 DQ 2

ncome data typically have some outliers. For example, Tim Cook, CEO of Apple, Inc., had a salary of about 400 million in 2011. Suppose you had a data set of incomes in 2011 for all GCU faculty and Tim Cook. Which measure of central tendency would you use when reporting on the incomes in your data set if you do not want outliers to have much effect? Explain your answer.

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