Reflect on your local housing market. How can measures of central tendency(mean, medianand mode) help you to analyze the local market?
Quality control is important for any business. Reflect on your own business or past experiences. How has basic descriptive statisticshelped you (or your company) assess operational quality?
Why do surveys need to be valid and reliable? Can you provide examples from work or past experience, of surveys that are reliable but not valid?
If I am interested in buying a house or renting a property for myself or my family, looking at the descriptive statistics parameters like mean, median, standard deviation and range can be absolutely useful to ascertain whether buying a house at this stage is beneficial or should I defer my decision for a later point of time. Variance or variability in housing market can also be particularly useful, as it will give an idea of the resale value and time …
The solution examines descriptive statistics for a local housing market. The central tendency is found.