Statistical Analysis Project MAT10251: Holden Commodore Prices, Part A

This project, part of MAT10251 Statistical Analysis, examines the prices of used Holden Commodore (6-cylinder) cars from 2014 and 2015 in Queensland. The analysis, based on a random sample of 40 cars, determines the average price, which is approximately $25,710, with a minimum of $17,900 and a maximum of $32,990. The data distribution is approximately normal, allowing the use of the mean as a central tendency measure. The project provides insights into the range, standard deviation, and percentiles of the car prices, offering valuable information for potential buyers. The findings suggest that 50% of the car prices are above the median value of $25,990, 25% below $22,987 and 25% above $28,840. The analysis provides a comprehensive overview of the car prices based on the statistical measures.

MAT10251 STATISTICAL ANALYSIS 1
MAT10251 STATISTICAL ANALYSIS
PROJECT - PART A
Name
Course Number
Date
Faculty Name

MAT10251 STATISTICAL ANALYSIS 2
MAT10251 Statistical Analysis
Sample 7
LETTER
21st November 2017
Dear Relative,
I am happy to inform and advise you about the prices of Holden Commodore (6-cylinder)
produced in either 2014 or 2015 and has been used for the last 2 or 3 years in Queensland State.
To fully address your question on the best car used for 2 to 3 years and related in either
2014 or 2015, I collected information about cars with these characteristics and analyzed to
provide the best advice for this concern. The prices of the car will depend on other various
factors such as the Kilometers driven, the transmission type, colour and the seller. Overlooking
all these factors, I will focus on the prices of 2014 & 2015 and specifically those used for 2 to 3
years. Therefore, based on this information, I will be able to confirm the average, range,
minimum and maximum price of a Holden Commodore (6 cylinders) in Queensland state. The
sample was obtained randomly, which makes the results generalizable to the entire population in
question. Therefore, an acceptable probability of around 5% might lead to the wrong price
specifications. Below is a histogram for the price ranges in 2014 and 2015 for Holden
Commodore cars used for 2 to 3 years in Queensland.

MAT10251 STATISTICAL ANALYSIS 3
$17,000 $19,000 $21,000 $23,000 $25,000 $27,000 $29,000 $31,000 $33,000 More
0
2
4
6
8
10
12
Price of Holden Commodore Car
Price
Frequency
The histogram shown above shows the distribution of Holden Commodore car prices
between 2014 and 2015. The price distribution is approximately normal with minimal indications
of skewness. The average car price seems to be around $26, 000, a minimum of close to $18,000
and a maximum of $33,000. 10 cars were within the $25,000 to $27,000, which is price range
with the highest frequency. Therefore, we can confidently state that the prices are approximately
equally distributed around the mean. Since the price distribution is approximately normal, we
will base our argument on mean statistic because of the median value of almost the same as the
average value. As you are going to purchase a Holden Commodore car that has been used for 2
to 3 years, you should expect the 2014 and 2015 price to range around the price limits discussed
above.
Holden Commodore Car Price
Mean $ 25,710 Minimum $ 17,900
Standard Deviation $ 3,962 25th Percentile $ 22,987
Range $ 15,090 Median $ 25,990
Inter-quartile Range $ 5,853 75th percentile $ 28,840
Count 40 Maximum $ 32,990

MAT10251 STATISTICAL ANALYSIS 4
Based on the summary statistics in the above table, the average 2014 & 2015 price of a
Holden Commodore car used for 2 to 3 years in $25,710. Therefore, you should expect to get a
car price average value of $25,710, a minimum of $17,900 and a maximum of $32,990. This
information was gathered from a sample of 40 randomly selected units. The distribution of the
minimum, 1st quartile, median and 3rd quartile and the maximum prices shows that the data is
normally distributed. The inter-quartile statistic of $5, 853 shows that the data has minimal
variation. Holden Commodore car price of 2014 & 2015 has a standard deviation of $3,962 from
the mean value. We can, therefore, conclude that 50% of the car prices are above the median
value of $25,990, 25% below $22,987 and 25% above $28,840.
From the above-described price of Holden Commodore car used for 3 to 4 years, you can
make an unbiased decision on the amount of money you need to make a purchase. You can
contact for further information.
Yours’
__________