Rising Gas Prices

Submitted By TabWalter
Words 944
Pages 4
Rising Gas Prices
Tabitha Walter
BUS 308 Statistics for Managers
Dr. Larry Pace

Rising Gas Prices
Each day our company sends out several vehicles to make deliveries to our customers. These vehicles come in several different sizes and fuel cost varies with each vehicle. In the year 2000 gas prices averaged \$1.51 per gallon and as of May 2012 the average gas price is \$3.79 per gallon. This is an increase of \$2.28 per gallon in the last ten years. There is a need to look forward to the next ten years and what realize what effects the rising prices could have on our company and how deliveries should be handled.
The Bureau of Labor Statistics provides detailed information regarding fuel prices each yearly and monthly. In the last ten years it shows a trend that fuel prices are on the rise. The descriptive statistics that is included below gives fuel prices from January 2002 to May 2011. Using Mega-Stats the following calculations that display the mean, max, minimum and range for gas prices from January 2002 to May 2012.
Descriptive statistics | | | | | | |
| | | | | | |
| Jan | Feb | Mar | Apr | May | Jun |
count | 11 | 11 | 11 | 11 | 11 | 10 |
mean | 2.41791 | 2.47373 | 2.55455 | 2.58291 | 2.57709 | 2.48540 |
sample standard deviation | 0.87457 | 0.87337 | 0.94335 | 1.00085 | 1.03673 | 1.08747 |
sample variance | 0.76487 | 0.76278 | 0.88991 | 1.00170 | 1.07482 | 1.18260 |
minimum | 1.123 | 1.112 | 1.119 | 1.158 | 1.163 | 1.136 |
maximum | 3.697 | 3.804 | 3.909 | 3.975 | 4.185 | 4.589 |
range | 2.574 | 2.692 | 2.79 | 2.817 | 3.022 | 3.453 |
| | | | | | |
Jul | Aug | Sep | Oct | Nov | Dec |
10 | 10 | 10 | 10 | 10 | 10 |
2.49230 | 2.48450 | 2.49480 | 2.49370 | 2.50310 | 2.49000 |
1.08320 | 0.98043 | 0.91455 | 0.83182 | 0.80216…...

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