Describe the mean standard deviation and range.
Descriptive Statistics.
The Range Rule of Thumb can be utilized to compute quickly an approximate standard deviation for a raw data set. To put on the rule follow the steps below-
1) Find the lowest and highest values.
2) Calculate the range.
3) Divide the range by 4.
The reason why we completed our calculation by dividing the range by four is that in most data sets 95% of the data values fall within two standard deviations of the mean.
Find the estimated standard deviation, s, for the subsequent set of listed home selling prices. Show your method. Don't use Excel.
|
$125,500
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$131,900
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$188,900
|
|
$205,750
|
$181,500
|
$175,000
|
|
$144,800
|
$250,000
|
$235,850
|
|
$225,000
|
$248,500
|
$435,000
|
|
$457,500
|
$166,900
|
$399,000
|
|
$350,000
|
$221,000
|
$168,000
|
|
$325,000
|
$112,900
|
$145,600
|
|
$220,500
|
$140,000
|
$179,900
|
|
$125,900
|
$230,850
|
$385,000
|
|
$287,500
|
$121,900
|
$405,900
|