
Name five key questions to ask regarding variables of interest
 1. What is it?
 2. What is the level of measurement?
 3. Data = population or sample?
 4. Should it be grouped?
 5. Any other variables available?

Name the four levels of measurement
 1. Nominal
 2. Ordinal
 3. Interval
 4. Ratio

Define nominal measurement
Measurements used to identify or categorize (e.g. SSN, EEID, M/F, etc.)

Define ordinal measurement
Measurements used to put data in order (e.g. rankings, Gold/Silver/Bronze, performance ratings)

Define interval measurement
Measurements used to show value where zero value is arbitrary (e.g. temperature)

Define ratio measurement
Measurements used to show value where zero value has meaning (e.g. salary, employee count, turnover, etc.)

Why do compensation professionals collect and use data?
To improve chances of making sound decisions

A true, absolute zero exists for which level of measurement?
Ratio

Salary is an example of which level of measurement?
Ratio

In order to satisfy ordinal level data requirements, what must you be able to do?
Be able to meaningfully arrange the data in rank order

Rating employee performance on a fivepoint scale ranging from "5" (outstanding) to "1" (unsatisfactory) is most likely an example of which level of measurement?
Ordinal

How do you calculate comparatio?
Salary divided by Midpoint

How do you calculate market index?
Salary divided by Market Rate

How do you calculate range penetration?
 Pay  Minimum of Grade
 
 Maximum of Grade  Minimum of Grade

How do you calculate range spread?
 Max of Range  Min of Range
 
 Min of Range

You spent 30% of your budget on merit increases three years ago, 35% two years ago, and 40% last year. When was the most money spent on merit increases?
You don't know the budget, therefore the answer can't be calculated.

What is the individual comparatio for an employee whose salary is 25k, with the midpoint at 30k?
0.83

If you earn 50k, and your coworker earns 60k, what percent more is he worth compared to you?
He is 20% more of a man than you will ever be.

Midpoint = 72k
Range Spread = 50%
Tell me min & max
 57,600  86,400
 hint:
 Midpoint / [1+(Range Spread/2)] = Min.
 Min. + (Range Spread * Min.) = Max.

Provide the compound interest formula in terms of future and present values
Future Value = Present Value * (1 + Interest%) ^ N

What does the rule of 72 indicate?
You can calculate years to double by taking 72 / Growth rate. This will give you a rough estimate

What is an annuity?
Regular payments made over a period of time

Define annuity
Investment that pays on a scheduled basis over a fixed amount of time.

Define population
All the data in a dataset

Define sample
A portion of the total data in a dataset

Name the steps for histogramming
 1.) Organize the data
 2.) Group the data
 3.) Determine intervals
 4.) Graph them

This answer is stupid:
"What is interpolation?"
An exact value representing a remainder

What is the "range" of a dataset?
Maximum  Minimum

What is the "interquartile range?"
75th percentile  25th percentile

https://worldatwork.org/downloads/elearn/ECERTC3E.1.10.3/C3EM9/presentation_html5.html

