STATISTICS PROJECT… o o o
STATISTICS PROJECT WORTH 20% OF FINAL GRADES
…we:Monday, Apr 12, 2021, 11:59 PM
Following is the data of Monthly average retail prices for gasoline and fuel oil, by geography in Canada for 18 different places. Create the frequency distribution by using appropriate intervals and graph them in various charts to describe the pattern in different places during the period of first quarter. Find the measure of central tendency and Measures of dispersion for the data. Use these data to compute the average monthly retail price for gasoline and fuel oil for the period four months of the year 2019 separately as well as combined. Compute the standard deviation for the data. Find out the mean, median and standard deviation of the individual place. Now think about what these numbers are saying. The average tells us about how much money we make, on average, from selling the fuel. The standard deviation tells us how much variation is associated with that quantity, from month to month. In financial terms, it is one measure of risk. Which month has higher return? Higher-risk? Write a short paragraph giving your means and standard deviations and commenting on what they mean.
Monthly average retail prices for gasoline and fuel oil, by geography: (Taken from Statistics Canada)