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Business stat - Statistics Project Example

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Its results include summaries of trends and analysis of possible differences in variables and their significance for informed decisions. This discussion offers analysis of data on age,…
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Business stat project
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Download file to see previous pages Summary statistics on customers’ age identifies highest statistics with Cadillac whose mean is for example 61 and Lincoln’s mean follows this at 59.5 years. Median and mode values follow the same trend across the organizations and this supports the hypothesis that Cadillac has retained control of the older population. Cadillac also reports the lower standard deviation for the customers’ ages to show that the ages are concentrated around the mean, 61 years. Ages for other companies’ customers however have higher standard deviations, with Mercedes and Lexus reporting the highest respectively, to indicate that the companies command a wider customer base in terms of age.
Customers for Mercedes have the highest mean for household income (182287) and mean for Lexus’ customers (156134.8) follows this while Cadillac reported the lowest mean (108095.7). The trend is further consistent with medians to establish reliability. Standard deviation for Cadillac is further the lowest (15436.95) and this shows that its products are limited to households with lower incomes that the other companies.
Descriptive statistics for number of years of education also identifies Cadillac with the lowest mean (12.86) and Mercedes with the highest mean (17.2). Modes and medians follow the same trend to establish reliability. Further, Cadillac reported the lowest standard deviation and this shows that its customers are limited to lower number of education years.
The following graphs shows distribution of age, household income, and years of education for the customers for the five motor vehicle companies and are consistent with the descriptive statistics’ results.
Data analysis shows that Cadillac’s market is limited to older people, people with low household income, and people with lower education years. Unlike its competitors that transverse across market segments, by these variables, Cadillac appears restricted to ...Download file to see next pagesRead More
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