Riverside County Town Case 4
Case 2: The Case of the Riverside County Town
Objective: To use the statistical data/analysis provided by Fliege & Associates, to make an informed decision in determining which type of property (business) I should have built on recently inherited land in Riverside County California. I will use the descriptive statistical analysis report given on the demographical information for the county, in regards to its population of residents; to compare and contrast to a recent case study involving a similar tract of land in a likewise small community located approximately one hour away in San Diego California.
Initial analysis of age demographics:
|FREQUENCY TABLE | …show more content…
|CLASS (Age in Yrs) |FREQUENCY (Population) |RELATIVE FREQUENCY (% of Population) |CUMMULATIVE FREQUENCY (Cumulative |
| | | |Population) |
|Lower Limit |Upper Limit |
| |RIVERSIDE |SAN DIEGO | |
|MEDIAN |25.8 |57.2 |Years |
| MEAN |30.4 |53.4 |Years |
|STD DEV |21.41 |18.81 |Years |
|CV |0.7 |0.35 |
|
|MINIMUM |1 |1 |Years |
|MAXIMUM |80 |80 |Years |
|RANGE |79 |79 |Years |
|n |814 |280 | |
- The mean of 30.4 in Riverside County seems to be influenced by the outliers of 24 and 30. There seems to be two separate populations being represented here; two modes with somewhat of a U-Shaped Distribution. (Young people and old people; with a few middle aged people).
Histiograms
(labled with age class midpoints)
[pic] [pic]
Mode Mean Age 30.4 Mode Mode Mean Age 53.4 Median Median Skewed Right Distribution Skewed Left Distribution
Interpretation Riverside County:
- From the histiogram, we can conclude that the majority of the Riverside community population falls between the ages of 0-40 years. The classes of ages peaks (mode) at 11-20 (midpoint 15.5) years of age; and then again at 61-70 (midpoint 65.5) years of age. There are two modes, which probably means that there are two groups represented here. The median seems to best describe the data.
San Diego County Comparison:
- From the histogram for San Diego County, we can conclude that the majority of the population consists of older individuals; with 68% of the population falling between the retirement ages of 51 and 80 years old. We could probably conclude that this is a retirement hot-spot; similar to that of communities in places such as Palm Springs and Florida. These are areas highly recognized for their attraction to retirees. Because San Diego has only one mode, I am quite sure that we are only dealing with one group of people; retirees.
Additional Information Needed Before Decision is Made:
▪ Household Income ▪ Future Economic Growth and Trends ▪ Transportation (Air/Bus/Ports/Freeways/Etc.) ▪ Industry (Which types of businesses are already there?) ▪ Tax Rates ▪ Cost of Living ▪ Labor Market/Force ▪ Culture/Race/Ethnicities ▪ Business Development Programs ▪ Weather Patterns ▪ Male vs. Female Population Makeup ▪ The Older Population, Who Are They? ▪ Family Make-up
Objective: To use the statistical data/analysis provided by Fliege & Associates, to make an informed decision in determining which type of property (business) I should have built on recently inherited land in Riverside County California. I will use the descriptive statistical analysis report given on the demographical information for the county, in regards to its population of residents; to compare and contrast to a recent case study involving a similar tract of land in a likewise small community located approximately one hour away in San Diego California.
Initial analysis of age demographics:
|FREQUENCY TABLE | …show more content…
|CLASS (Age in Yrs) |FREQUENCY (Population) |RELATIVE FREQUENCY (% of Population) |CUMMULATIVE FREQUENCY (Cumulative |
| | | |Population) |
|Lower Limit |Upper Limit |
| |RIVERSIDE |SAN DIEGO | |
|MEDIAN |25.8 |57.2 |Years |
| MEAN |30.4 |53.4 |Years |
|STD DEV |21.41 |18.81 |Years |
|CV |0.7 |0.35 |
|
|MINIMUM |1 |1 |Years |
|MAXIMUM |80 |80 |Years |
|RANGE |79 |79 |Years |
|n |814 |280 | |
- The mean of 30.4 in Riverside County seems to be influenced by the outliers of 24 and 30. There seems to be two separate populations being represented here; two modes with somewhat of a U-Shaped Distribution. (Young people and old people; with a few middle aged people).
Histiograms
(labled with age class midpoints)
[pic] [pic]
Mode Mean Age 30.4 Mode Mode Mean Age 53.4 Median Median Skewed Right Distribution Skewed Left Distribution
Interpretation Riverside County:
- From the histiogram, we can conclude that the majority of the Riverside community population falls between the ages of 0-40 years. The classes of ages peaks (mode) at 11-20 (midpoint 15.5) years of age; and then again at 61-70 (midpoint 65.5) years of age. There are two modes, which probably means that there are two groups represented here. The median seems to best describe the data.
San Diego County Comparison:
- From the histogram for San Diego County, we can conclude that the majority of the population consists of older individuals; with 68% of the population falling between the retirement ages of 51 and 80 years old. We could probably conclude that this is a retirement hot-spot; similar to that of communities in places such as Palm Springs and Florida. These are areas highly recognized for their attraction to retirees. Because San Diego has only one mode, I am quite sure that we are only dealing with one group of people; retirees.
Additional Information Needed Before Decision is Made:
▪ Household Income ▪ Future Economic Growth and Trends ▪ Transportation (Air/Bus/Ports/Freeways/Etc.) ▪ Industry (Which types of businesses are already there?) ▪ Tax Rates ▪ Cost of Living ▪ Labor Market/Force ▪ Culture/Race/Ethnicities ▪ Business Development Programs ▪ Weather Patterns ▪ Male vs. Female Population Makeup ▪ The Older Population, Who Are They? ▪ Family Make-up