CHOOSING THE BEST MEASURE: Suppose you applied to be a waiter or waitress at a local restaurant and asked the manager what a typical dinner shift was like. How might the manager describe the typical size of a party at a table? The mode would be useful, since there are a few repeated values. You might have an occasional table for 20, but, for the most part, parties consist of one to five people. What if you asked for the typical size of a check, so you could estimate your tips? The mode makes no sense, since you would not likely have many repeats, and the mean is easily distorted by that table for 20, but the median tells you that half the time you can expect to earn a certain amount of money in tips. Now suppose you were a real estate agent and you were asked by a client about the "typical" home in a subdivision. Being the astute agent you are, you have gathered the following information on each house in the subdivision: Price, square footage, number of bedrooms, number of bathrooms, and age. What statistic (mean, median, or mode) would you use to describe each aspect of the typical home and why? Try to imagine the type of answers you would be giving your client based on your selections for a subdivision that has 100 homes with a wide variety of sizes and prices.
Statistics is majorly used in the distinction and description of specific items and people. According to Bian (2012), statistics is a mathematical branch that deals with data collection, analysis, organization, interpretation, and presentation. Thus, the subject is popularly used in the hospitality and real estate industries to answer and explain questions to the customers. This paper answers the question of what statistic averages I would use to describe the aspects of a typical home in the real estate industry and why.
As a real estate agent, I would use mean to describe the price of a home. The real estate has one hundred homes making it difficult to know the exact price of every home without referring to a written document. Thus, in case the client randomly asks about prices of homes, I would answer that homes have a mean of $ 2000. The mean is applicable in this aspect because the price is an estimable number.
In answering the question of square footage for every home, i would use the mode. The mode would be appropriate because houses are built in such a way that the ones with similar square footage follow are on the same row. Moreover, i would use the median to describe the number of the bedroom. The reason is that bedrooms are located between the kitchen and the storeroom in every house. I would further use the mode to explain the number of bathrooms as every home has a bathroom in all the bedrooms. Finally, I would describe the age of the homes using the mean because all the homes were built in the period between the year 2017 and 2018.
Bian, H. (2012). Basic statistics. Retrieved from; http://core.ecu.edu/ofe/StatisticsResearch/
by EssayRoyal, Nov. 13, 2019, 5:55 p.m.