Sandy James thinks that housing prices have stabilized in the past few months. To convince her boss, she intends to compare current prices with last year's prices. She collects 12 housing prices from the want ads: 125,900 253,000 207,500 146,950 121.450 135,450 175,000 200,000 210,950 166,700 185,000 191,950 She then calculates the mean and standard deviation of the prices she has found. What are these two summary values?

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.