You are estimating the cost of a personnel shelter and you h
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 $3,270. If you use the average cost of the shelters as your estimate, then, on average:
You could expect to be off by 19.59%.
You could expect to be off by $10,095.
You could expect to be off by $340.90.
You could expect to be off by 20.42%.
Solution
(Mean - Median)/ std deviation = (16693 - 17402)/3270 = 20.79%
