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Investigate correlation if any, between the price of a used car and it's mileage.

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PLAN: The previous data shown is the original data of used cars. I have decided to investigate correlation if any, between the price of a used car and it's mileage. I did this because I wanted to know why some used cars cost so much more than others. I intend to take a sample of the data provided, simply because it would be extremely difficult to take all the data and use it. I am going to take a sample of 50 used cars, half of the total amount of data because this should enable me to have enough data to recognise any correlation between the price and mileage with the smallest possible sample for ease. I aim, not only to investigate the correlation of the given data, but also, how this compares with other used car data. This will be done to see whether this data of used cars follows the trend of data of other used cars or whether this whole data is totally anomalous comparatively. If there is only a slight difference between the two data, then it will be easy for me to justify why they are different and what could have affected them. My HYPOTHESIS is that as the mileage on a used car increases, the price decreases. ...read more.


This would be a good idea, as it definitely would make sure I do not just get the similar data. E.g. All the Fords and Nissans. To know how many cars to choose from each stratum a mathematical formula is needed: The total sample needed Multiply by the number of items in the The total data the sample Strata. Is going to be take from For my investigation, because I have decided to take sample of 50 out of a total of 100, I have worked out that I would need to take half of the data from each stratum. Overall I believe I will need to make use of all of the above methods. Firstly, I will order the given data in strata. I have decided that for my specific problem I will order the strata in the prices. I have done this because this way, I know I will get a very good variety of prices, which will tell me if there is a certain correlation with mileage. If I were to order them in any other strata, then it would limit the chances of getting a good variety of prices. If for instance, I ordered them in the form of the make of car, then there could be a very slight chance that all the cars chosen could be in a very tight range of price. ...read more.


I cannot take 3.5 cars. I will act on this limitation in a certain and as fair a way as possible. I have worked out that I will have exactly 4 groups of cars, which have odd numbers of cars within them. I will act upon this in a systematic way. In every other group, I will round the half of the odd number of cars up. For example, if there are an odd number of cars in a group I will have to take half. Taking the example from above with 7 cars. If I half 7 I get 3.5. I will round it up to 4 and take 4 cars. Then the next time I come across a group with odd numbers, I will round it down. Hence every other group. However, I can foresee a problem within the rectification of the limitation: How will I know which group to round up on? I have decided to use a fair coin. The coin will be tossed. If it is heads I will start on the 1st odd numbered cars group, and then every other one from then on end. If it is tails, then I will start rounding up on the 2nd group with an odd number of cars in it. From this plan, I cannot foresee any more problems, however, I may encounter some while actually carrying out the sampling. ...read more.

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