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Example of ranges
Here are sample position salaries:
$10,000 |
$15,000 |
$12,000 |
$17,000 |
$12,000 |
$17,000 |
$13,000 |
$18,000 |
$14,000 |
$19,000 |
$15,000 |
$20,000 |
$15,000 |
$32,000 |
$15,000 |
Q: What is the sample's range?
A: The range is $32,000 - $10,000 = $22,000.
Salary ranges for structures are usually arbitrarily set. Percentage differences may vary from 20-50% at the bottom to 40-70% at the top. A few companies utilize the interquartile range, but that is rare. The reason is that salaries are not normally distributed, therefore interquartile range is NOT a good measure of data distribution.
Memory Jogger
Using the sample position salaries from above, what is the interquartile range? Assume the following quartiles: Q1 = $13,500, Q2 = $15,000, and Q3 = $18,500.
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