A high standard deviation implies that the prices are spread over a wider range and hence a poor representation of the values. The following formula was used in determining the standard deviation for the sample.Further analysis is required to determine the relationship between the sample sizes. Standard deviation is deviation of each individual values from the mean. The result of standard deviation is used to determine the mean value. Using mean values of average prices and average mileage per age, the t-value can be determined. The t-value we get from here isCorrelation and regression analysis is used to describe the relationship between the various variables in the project. For instance, price and age or price and mileage seem to having a relate in some way. Data we get in the scatter plot gives a line of best fit which can be used to derive an equation of the form y = bx +c (Whigham, 2010). From the scatter plot, the following equation is given.In this case, the correlation coefficient between price and age is determined from the coefficient of determination which is the R2 value. This gives us 0. The inference is, the more the value is close to zero, the more linear is the relationship and hence the more the. Analysis of the Local Second Hand Car Market for Ford Car.
ReferencesWhigham, D., 2010. Quantitative business methods using excel, Volume 1. s.l.:Oxford University Press.
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