4 You are estimating the cost of a personnel shelter and you

4) You are estimating the cost of a personnel shelter and you have collected cost data on 10 shelters. The mean cost was $16,693. The median cost is $17,402. There is a range in the cost of $10,095. The standard deviation is $2,270. If you use the average cost of the shelters as your estimate, then, on average: You could expect to be off by 13.60%. You could expect to be off by $340.90. You could expect to be off by 20.42%. You could expect to be off by $10,095.

Solution

MEAN = 16693 MEDIAN = 17402

WE WILL TAKE IN ACCOUNT THE AVERAGE ESTIMATE

Pearson\'s skewness coefficient is a measure defined by (mean median) / standard deviation

(mean - median)/standard deviation = (16693-17402)/2270

You could expect to be off by 20.42%