Statistics in Action Case: Executive Compensation
This case study explores variation among the salaries of 1,800 business leaders. Although the business press announces the stratospheric salaries of a few, most executives earn quite a bit less than the superstars. To understand this variation requires that we transform the data to a new scale. Otherwise, histograms and summary statistics show us only the most extreme observations, ignoring the majority of the data. The transformation used in this example is the most common and important in business statistics, ...
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