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Descriptive Statistics for the Various Variables

   

Added on  2020-05-11

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BUSINESS STATISTICSA.The descriptive statistics for the various variables are indicated below.
Descriptive Statistics for the Various Variables_1
BUSINESS STATISTICSShapeNo variable from the above list is normally distributed as skew is present for all the variables.Further, the positive skew indicates a rightward tail while a negative skew indicates aleftward tail. Variables with positive skew: Price, Age , Damage, PowerKW, Hatchback, Convertible,CoupVariables with negative skew: Automatic, Kilometre, Petrol, SedanCentral TendencyThe respective position of the mean and median would be dependent on the presence of theskew. For variables with positive skew, the mean would be greater than the median.However, for variables with negative skew, the mean would be lesser than the median. This isessentially linked to presence of outliers on the positive and negative end respectively.DispersionThe dispersion is captured by various variables such as variance, range, standard deviationand also IQR. Based on the comparison of standard deviation with respective means,comment on the degree of dispersion can be made. However, absolute values may not besuitable to comment on the same. Interpretation of Dummy VariableThe mean of petrol variable is 0.63 which implies that 63% of the cars included in the sampleare run on petrol while the remaining 37% operate on diesel.B.The requisite graph for price distribution is shown below.
Descriptive Statistics for the Various Variables_2

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