Instructions: Responses should be a minimum of 80 words and may include direct questions. In your peer posts, consider the summary statistics of your classmates’ data sets. After the supercar was added to the data set, which summary statistic do you think more accurately reflects the typical vehicle price – the mean or median? Compare the standard deviation before the supercar was added and after it was added. Does this indicate greater variability in the original or modified data set? Based on this information, do you feel the standard deviation can help you identify the presence of an outlier? Why or why not? In your responses, refer to the specific data from your classmates’ posts.
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Peer 1 (Perez):
The list below displays the descriptive data for the mean, median, and standard deviation for the 10 cars that were listed. The information gives you the mean, median, and the standard deviation. I look at this information and I take it that the average cost should be close to that amount, the median is close to the same amount while the standard deviation displays the numbers closer than the other standard deviation that included a $4,800,000 car.
Standard Deviation: $16,014.86
I do not know much about exotic cars but this one came up as one of the most expensive this year. I added an additional car Koenigsegg CCXR Trevita that cost $4,800,000 to the list. The car was one of the most expensive cars on the list. The mean and standard deviation were the summary statistics that were affected the most. The mean had increased by $433,613.22 and the standard deviation increased by $1,422,197.74. The exotic car throws all the numbers off which is an example of an outlier. The outlier cost is way more than all the other vehicles and throws the chart off. The standard deviation were much closer together until this most expensive car was added which sometimes could be an error in some cases.
Standard Deviation: $1,438,212.60
Peer 2 (Rashad):
Good evening, I hope everyone that is reading this is reading it in the best of health.
Standard Deviation: 22995.94201
This Mean, Median and Standard Deviation above is for the 10 vehicles that we had to do for week 1. The difference between mean and median is -3,761.6. This information tells me that the median is more than the mean. The two most expensive vehicles are the 2020 Lexus GS-F ($80,477) and 2020 Lincoln Navigator ($79,543).
Standard Deviation: 527781.0275
The list above is Car Price 2 I added an 11th vehicle (Bugatti Veyron $1.8 million dollars) to the list and there was big difference. I did not guess it would have made that must of a difference. The difference between mean and median was 149,953.36. The two most expensive vehicles are the 2020 Lexus GS-F ($80,477) and 2020 Bugatti Veyron ($1.8 million).
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