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Monday, September 04, 2006

Statistics in Life 3

Entry Three
Today I am wondering when the most cost-effective time to sell my computer and purchase another will be. It is a necessity I must come to terms with sooner or later. Statistics provide a measure of cost effectiveness by comparing the price of a new system with the average rate of prices dropping over a set period of time. In this way I can decide on the system I need (rather than the one I want) and estimate the best time to purchase a system based on the price I am willing to pay and the expected time the new system will reach that price. Also, I have to figure in the re-sale value of my current system before it becomes totally obsolete, and figure out some way of estimating the cost of my need…which I haven't figured out how to do yet J.
I estimate the system I need will be available for the price I am willing to pay in 6 more months, but I need it now. My computer will be loosing money from this point forward (I can resell it approximately for what I paid since I got a very good price…my brother built it J). By comparing the mean cost of several options, I find the most sensible solution is to sell my computer now and lease one for several months, then purchasing the new system. I understand statistics better because I can see the need to compare several outcomes and the expected results of each in order to make a decision.

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