Property Management - Admission/Application Essay Example

Property management Introduction Statistical analysis is an important tool in managerial ‘decision-making’ as it facilitates informed ‘decision-making’ processes (Siegel, 2011).This paper seeks to develop recommendations for price of services. Based on a research, the paper analyzes raw data to recommend suitable price for a service. MethodsThe research used survey method to collect primary data on people’s opinions. Using simple random sampling approach, 30 individuals were selected and their opinions, regarding prices of property management services, collected.

Data for both expected prices, prices considered as tool low for quality services and prices considered too high were collected and analyzed.ResultsA majority of the respondents expected to pay between $ 1100 and $ 1200 for management services. The respondents unanimously agreed that a price between $ 400 and $ 500 would be too low to guarantee quality services while majority respondents believed that at a range of $ 1400 to $ 1500, the service charges are considerably expensive. Responses with respect to recommended additional add on and mode of payment identified community blog with property management updates and online payment services as the most preferred.

Most households were reported to contain between two and four people. The following tables summarize the results of the survey in discrete frequency distribution tablesTable 1: Expected pricesPrices Number of respondents 900-100051000-110001100-1200221200-130001300-14002Table two: Price too cheap to guarantee good quality Prices Number of respondents 400- 50030500-6000600-7000700-8000800-9000Table three: Considerably expensive prices Prices Number of respondents 1300-140001400-150031500-160001600-1700271700-18000Table four: Preferred extra features Add onNumber of respondents electronic community crime notification7community blog23neighborhood pooper scooper servicers0community bikes and bikes racks0annual sliding power rush0Table five: Preferred payment method Method Number of respondents online24at the property location0over the phone2by mail4no preference 0Table six: Number of people in a household Number of people Number of respondents 102 to 4275 to 73more than 7 0The following tables summarizes descriptive statistics for each price observationTable 7: Descriptive statistics for expected prices Statistic Value Mean 1129.

31Median1147.7Modal class1100-1200Variance 50014Standard deviation 223.6Inter quartile range 70.4Table 8: Descriptive statistics for prices considered too cheap to guarantee quality Statistic Value Mean 450Median451.7Modal class400- 500Variance 0Standard deviation 0Inter quartile 51.7Table 9: Descriptive statistics for considerably expensive prices Statistic Value Mean 1630Median1646.3Modal class1600-1700Variance 3600Standard deviation 60Inter quartile range57.4DiscussionAnalysis of the descriptive statistics identifies differences in values for respective means and medians though the values fall within their corresponding modal classes.

The medians are however, based on comparison of respective standard deviations, and inter quartile ranges, identified as a more suitable measure than the means. It is as good as the mean in evaluating prices considered to be too cheap because the standard deviation, zero, it too small compared to the inter quartile range. Conclusion and recommendations The median is therefore a suitable measure for the data sets. This report recommends that the prices be set within a reasonable range from $ 1147.7. The report also recommends that the prices should be within the range of $ 500 and 1600.

This is because lower prices would imply poor quality to the consumers while higher prices will be considered too expensive. Similarly, the report recommends adoption of an online payment method and community blog with property management updates as an extra feature to its services. ReferencesSiegel, A. (2011). Practical Business Statistics. Burlington, MA: Academic Press