Using the data I have provided below, I could really use some help to examine the measures of central tendency and dispersion of your data.
1) First, calculate the measures of central tendency and dispersion.
2) Then, display your descriptive statistical data using graphic and tabular techniques.
3) Explain the data in terms of your display. Which measures are the most appropriate from which to draw conclusions based on the parameters of your particular problem?
Explain your answers and please provide references I will be able to use. I will need to add another 1000 words on my own and I'll also be doing a 4-7 slide Microsoft® PowerPoint® slides illustrating my Descriptive Statistics Paper, which I'll do!
HERE IS MY DATA Collection & ANALYSIS:
Proper and adequate analysis of any issue, opportunity or problem cannot be done without the collection and interpretation of information from various resources. Our company, Mavis Rental, employs the use of vehicles as our source of business. Also, we offer delivery services which are conducted in company cars. As the price of gas is ever increasing as is the public's environmental consciousness our newest avenue of public relations and business ingenuity is to employ the use of vehicles that use an alternative to gas. To fully asses the practicality and possible success and failure risk of this endeavor we conducted research and acquired data via several resources. There are several types of data such as 'primary data' which are "gathered and assembled specifically for the project at hand", and 'secondary data' which is data that has been "previously collected and assembled for some project other than the one at hand. Secondary data can often be found inside the company, in the library and on the Internet"(Zikmund, 2003). For this paper the main sources of secondary information are the Consumer Federation of America (CFA) and the National Highway Transportation Safety Board (NHTS).
The NHTS reports estimates of fuel savings and how the proposed changes to the rule of changing all autos to 35 mpg by 2012 to meeting the mandatory requirement by 2018. However, according to CFA the facts used by the NHTS are flawed and the information from the Energy Information Administration (EIA) is accurate. The EIA report shows the savings from buying a more efficient car will offset the cost (and increase) of more efficient cars offset any increase in the cost of an auto loan. "Consumers can save up to $1500 with gasoline at $3 a gallon and nearly $1000 with gasoline at $2.50 a gallon." (Singer, 1977)
The facts are reflected in a number of charts that detail savings in fuel economy and mileage savings. The side effect is that the saving also occur the amount of oil savings in imports and emissions into the air. The article uses a consumer pocketbook savings, which they calculate for the reader and the social benefit cost analysis which is less of a concern for this paper. The tests for consumer pocketbook savings has two parts, loan payments compared to the savings in gas costs and the life of the vehicle over a ten year period including gas savings. Ten years assumes the life of the vehicle. The charts and information used will help us to support our own findings as compared to the information supplied in other data. As we review tested materials and data we can detail where comparisons may change and where information is different. The article also details the rate of interest used in the analysis for comparison with other information from other sources and our own conclusions.
According to the Energy Information Administration (2007), a national trend has shown a steady increase over 200% in gasoline prices from January 2000 to March 2007. During the spike of high gasoline prices continuing to grow, Mavis Car Rental needs to offer a cost effective solution to the company's customers. Furthermore, with the changes of state and federal laws, mandatory action will need to be taken in the near future in order to comply with the new laws. Mavis Car Rental needs to take a proactive step and be the first in complying with these laws by having the largest fleet of environmentally safe vehicles, and be a leading example to help reduce pollution. Adhering to growing consumer concerns regarding ways to help protect the environment and adhering with upcoming local and national laws, taking advantage of the demand of alternative fuel vehicles will in time help protect the environment and increase total profits.
In assessing the problem, our search for alternative methods of fueling produced four major alternative fuel types, namely ethanol, electric, natural gas, and diesel. All of these help to extend the life of the vehicle as well as make the environment a safer place to live. Through research we were able to compare the types and weigh their and cons. According to the American Coalition for Ethanol (2007), ethanol is a clean-burning, high-octane fuel that is produced from renewable sources. At its most basic, ethanol is grain alcohol, produced from crops such as corn. Due to the fact that ethanol is domestically produced, ethanol helps reduce America's dependence upon foreign sources of energy. Electric Vehicles (EV) use electric motors that transfer electricity from a power cell into motorized power that runs the vehicle. In order to maintain the use of the EV, simply plug in the power cell to recharge. "Electricity for EVs is produced by power plants, which send it to substations through transmission lines and then to homes and businesses through distribution systems" (Environmental Protection Agency, 2002). Natural gas is very similar to air and is currently on the top of the list of the most environmentally safe fuels. The fact that natural gas is not made from petroleum is one of the most important factors, unlike diesel fuel. Automobile manufacturers global wide are increasing their production of natural gas Vehicles.
Moreover ten employees that we term as "feelers" were sent out with forty questionnaire sheets each and were instructed to enquire from the normal passerby how they felt about the gas price situation and about our thoughts on changing the vehicles we rent and use in our business. The survey included, among other things, questions addressing the type of vehicles used, how they felt about the gas prices and the environmental benefits. The majority of the four hundred persons interviewed approved of our endeavor and were quite impressed with our efforts. Their response helped us to realize the boost such an decision would give to our public image and also exposed us to the thought process of our customer pool.
Further research exposed us to the new developments in eco-friendly vehicles. The National Renewable Energy Laboratory (NREL) is currently tasked with developing a heavy vehicle that is more eco-friendly to our environment, and is also friendly to the roadways. They state that "The future of America's truck and bus industry depends on its ability to produce cost effective, high quality, environmentally sensitive, and safe vehicles." This is a key point for any company to consider when deciding to make a hybrid vehicle fleet purchase. Currently, NREL is working on the transit vehicles of the future their main focus seems to be a forty foot passenger bus. With this bus, there have been many studies on fuel efficiency as this is the top priority (besides safety). This information produces the opportunity and enhances the possibility of the purchasing a hybrid fleet. Many companies are already converting to passenger hybrids for their employees who require company cars, putting them ahead of the field in the arena of being eco-friendly. They have also already realized the savings that these vehicles present and are adding these profits to their bottom line. (O'Keefe, 2002)
Here at Mavis Car Rental we take good business seriously and through our research we were able assess the problem or rising gas prices and the practicality of our endeavor to change our vehicles. The primary and secondary data was beneficial in this doing so as it allowed for a deeper analysis of price, function and performance.
I am copying the current information for this year about the average cost of gas in our local community.
2.50 2.67 3.00 2.75 3.50 2.95 3.00 2.50 2.50 5.00
Mode - most often occurring number 2.50
Median - middle number 3.75
Mean - ...
A short discussion of how to figure the central tendency and dispersion using data for a research project.