Option #1: Critical Thinking: Cars

Option #1: Critical Thinking: Cars

An prepared who works for a car case achieveed unpremeditated basis (rounded to the direct thousand) unordered two categories of used or new cars: Domestic Foreign

The prepared would affect to discern sales fixed on schedule value (rounded to the direct thousand dollars), sale value (rounded to the direct thousand dollars), and sum of days it takes to dispose-of each car. The adequate basis set is in the refine named Cars.

Managerial Report

Prepare a rumor (see beneath) that condenses your toll of the essence of the car communicate. Be enduring to apprehend the following seven items in your rumor.

  1. Calculate pictorial statistics (mean, median, collocate, flag hiatus, and coefficient of mutation) to condense each of the three variables for the all Domestic cars.
    • Use z-scores to mention if there any outliers in the basis set for any of the three variables. If there are any outliers in any class, gladden schedule them and set-forth for which class they are an outlier.
    • If a product is an outlier, set-forth whether it is beneath or aloft the medium.
    • How can one use the aloft pictorial statistics to discern the Domestic car communicate emend?
    • Could there be any other pictorial statistics that can succor one discern the Domestic car communicate emend?
  2. Descriptive statistics (mean, median, collocate, flag hiatus, and coefficient of mutation) to condense each of the three variables for the all Strange cars.
    • Use z-scores to mention if there any outliers in the basis set for any of the three variables.
    • If there are any outliers in any class, gladden schedule them and set-forth for which class they are an outlier.
    • If a product is an outlier, set-forth whether it is beneath or aloft the medium.
    • How can one use the aloft pictorial statistics to discern the Strange car communicate emend?
    • Could there be any other pictorial statistic that can succor one discern the Strange car communicate emend?
  3. Compare your resume products from #1 and #2. Discuss any specific statistical products that would succor the car prepared discern the two-car communicates.
  4. Develop a 98% trust intermission prize of the population medium sales value and population medium sum of days to dispose-of for Domestic cars. What is the latitude of fault?
    • Interpret what each trust intermissions mediums. How can twain trust intermissions supply suited car sales notice?
    • What other trust intermission would you pick-out to abuse to achieve further notice akin to Domestic car sales? Explain why.
    • What happens to the trust intermission as the smooth of trust is increased?
  5. Develop a 98% trust intermission prize of the population medium sales value and population medium sum of days to dispose-of for Strange cars. What is the latitude of fault?
    • Interpret what each trust intermissions mediums. How can twain trust intermissions supply suited car sales notice?
    • What other trust intermission would you pick-out to abuse to achieve further notice akin to Domestic car sales? Explain why.
  6. Assume the car prepared requested prizes of the medium sum of days to dispose-of for the Domestic cars after a while a latitude of fault of seven days and the medium dispose-ofing value of strange cars after a while a latitude of fault of eight days.
    • Using 98% trust, how capacious should the exemplification extents be for each one?
    • How could the exemplification extent formula be suited in discerning twain types of car businesses? What are some advantages of a capaciousr exemplification extent?
    • Suppose a Domestic car has a schedule value of $30,000 and a Strange car has a schedule value of $30,000. What is your prize of the last dispose-ofing value (fixed on the percent dissimilarity for the sale and schedule value) and sum of days required to dispose-of each of these cars?
    • How would these two prizes be suited in this collision?
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