Statistics for Managers Individual Work wk5 Essay

Statistics for Managers Individual Work wk5 - Essay Example Generally, the list sale price for Gulf View Condominiums seems to be higher than No Gulf View Condominiums. The mean for list price for Gulf View Condominiums is $474010 while for No Gulf View Condominium is $212810. Also, on the same variable Gulf View Condominiums seems to be higher, it has a standard deviation of $197290 while No Gulf View Condominiums is $2395640 Out of the variables listed above, the one that can help a real estate agent understand the Condominium market is the standard deviation. Standard deviation is very critical because it shows how the prices are stable. Therefore, if the standard deviation is high then it means the prices fluctuates very much. When the significance level is increased then the critical area is reduced as a result you are likely to reject the null hypothesis. Hence, one is less likely to accept the null hypothesis when it is false thereby reducing type 1 error but type 1 error will