Describe a general procedure for generating normally distributed random numbers with a mean of 450 and standard deviation of 50 using Excel functions
What will be an ideal response?
Use the RAND() function to generate random numbers on the 0-1 interval. Using these numbers as the input, use the NORM.INV function to generate the inverse of the normal cumulative distribution with a specified mean and standard deviation. In a single cell in Excel, this could be accomplished by NORM.INV(RAND(),450,50).
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Indicate whether the statement is true or false
A major disadvantage of the ranking system is that it
(a) is difficult to use (b) provides no yardstick for measuring the relative value of jobs (c) is too easily understood (d) is too flexible