Bus 308 Final Paper Gas Prices - Final Paper

BUS308: Statistics for Managers

As a manager of a delivery service, it is important to observe the changes in the cost of gas. This information is significant because it determines whether the price of our product increases or decreases for the year.

I recorded the annual average mean of gas prices between the years of 1982 to 2011. To get the mean I used the formula (average(numbers in cells)), I calculated the expected value by multiplying the slope by the year and subtracting the intercept amount, and the residual amount was calculated by subtracting the annual mean by the expected value.

The United States saw a noticeable uptick in the price of gas from 1976-1983, thanks to the situation in Iran. Gas prices have always been in an up and...