help with comparing prices

Attachment not found

i'm doing a project where i have to compare running costs of 20 cars. i have collected all that info. now im unsure about what to do with the data (teacher said she cant help us because then it looks like it's her work, but she didnt even go over the maths bit of it)

basically, this project tests us on basic mean/median/mode skills and knowledge, but i dont know how those 3 things can help me find the most cost effective cars?
if im to choose the least value to be the cheapest then where does my mean median mode skills come in. please help :frown:

the cost scenario is:

You are starting university or a new job, which involves travelling a distance on a daily basis. The first step is to decide whether you need a car to drive to your destination or whether to use public transport. Compare running costs of 20 different cars. Compare costs of driving with public transportation.

(edited 6 years ago)

Reply 1

RogerOxon

21

I don't know how much you're supposed to take into account, but I would want to look at:
- Fuel cost for the commute
- Insurance and tax cost
- Depreciation cost (and finance cost, if applicable)
- Typical maintenance cost

As the question says "you", I don't see much use for statistics, other than average values, unless you're going to try to calculate distributions for all the costs. Is the commute distance given?

The question that you gave would look open to a wide range of levels of analysis. Is there more to the question?

Reply 2

TSR George

OP

17

Original post by RogerOxon

I don't know how much you're supposed to take into account, but I would want to look at:
- Fuel cost for the commute
- Insurance and tax cost
- Depreciation cost (and finance cost, if applicable)
- Typical maintenance cost

As the question says "you", I don't see much use for statistics, other than average values, unless you're going to try to calculate distributions for all the costs. Is the commute distance given?

The question that you gave would look open to a wide range of levels of analysis. Is there more to the question?

the distance im using is 17 miles
one thing she did tell us is only to investigate fuel type, consumption, insurance, cost of the car, vehicle tax. so i dont need depreciaton cost or maintenance. it's rather basic.

with the insurance group, it makes sense to use the lower groups, but the cost of fuel per mile is more expensive for lower insurance group. how would i tackle this comparison issue?
i want to use mean, median, mode, but what would that tell me about the cars?

Reply 3

RogerOxon

21

For fuel, you need to know the fuel economy of each car, so that you can calculate cost of fuel. I'd use the average cost of the type of fuel over, say, the last year. 17 miles seems like more than the an urban commute, so you'll have to decide which fuel economy measure is the most applicable, or blend two or more.

You also need to know how much it would cost you to insure each car. Getting individual quotes could be time consuming, so I'd look for a resource giving average prices for different insurance groups (and mileages).

I can see a use for the mean (average), but not the median or mode. I could also see a use for standard deviation, but it doesn't sound like you're wanting that level of analysis.

Reply 4

TSR George

OP

17

Original post by RogerOxon

For fuel, you need to know the fuel economy of each car, so that you can calculate cost of fuel. I'd use the average cost of the type of fuel over, say, the last year. 17 miles seems like more than the an urban commute, so you'll have to decide which fuel economy measure is the most applicable, or blend two or more.

You also need to know how much it would cost you to insure each car. Getting individual quotes could be time consuming, so I'd look for a resource giving average prices for different insurance groups (and mileages).

I can see a use for the mean (average), but not the median or mode. I could also see a use for standard deviation, but it doesn't sound like you're wanting that level of analysis.

thank you, regarding the last part, the specification also wants me to use mean median mode OR standard deviation. i've gone for mean median mode because it sounds easier, but i dont mind using standard deviation also. what data should i find the mean for or standard deviation?