Question

An online marketing organization designed a social media that wants to earn at least $250,000 in revenue. The campaign will reach 10,000 viewers and receive orders with a mean of $50 and standard deviation of $10. Which measure should be used to determine the probability of the campaign receiving at least $250,000?

Answer 1

Answer:

Z Score

Explanation:

A Z-Score is a statistical measurement useful in determining the relationship between the mean of a group of values as well as the standard deviations from the mean. A Z-Score is is measured in terms of 0s and 1s, a score of 0 shows that the data is very close to the mean score while a score 1 indicates that the value determined is at least one standard deviation from the mean. A positive z-Score indicates that the value is above the mean while a negative z means the value is below the mean.  

Z Score Formla=

z = X - μ / σ.

X is the figure to be examined

μ = the mean

σ= the Standard Deviation