Standard Deviation....
 

Hi,

My suggestion is to post both a product's average price and it's standard deviation price.

On the RCU-Book Market Values section, an average price is given for each section... The problem here is that the average is only a part of the necessary information for someone looking for a price...

The average gives the measure of central tendency... but tells nothing about the spread of the prices... whereas, the standard deviation would provide information about the "spread" of the prices.

The standard deviation is very easy to compute and the formula can be found all over the web or in any statistics text.

Basically if I were interested in getting information about a G-23 engine, the average price as found on RCU might be $210, and the standard deviation might be $14, indicating that if I went plus and minus 1 standard deviation, I would get a range of $196 - $224 and this range would encompass approximately 67% of the sample sale prices on RCU... This helps tell the whole story...!! and helps someone who is wanting to price an item for sale, to more correctly price the item based on RCU's historical sale price.

Thanks

Larry Scheuermann
les2097

RE: Standard Deviation....
 

I'll check with michael to see if we can include this.

thanks

marc

p.s. the giles flew awesome last year. should be flying it again this month!

RE: Standard Deviation....
 

done