Vocabulary and concepts chapters 14-19

Please go through Chapter 14-19. Textbook in the attachment. 

In your own words:

Define statistics

Statistical analysis is what?

Differentiate between quantitative and qualitative data

Central Tendency-define

Mean, median, mode-define

What is high variation vs. low in a sample of data?

Regression analysis-define

The six steps for market analysis

Supply vs. Demand–who wins?

Highest and Best Use–define the tests

Legally non-conforming use defined

Interim Use defined

Excess Land

Surplus Land

What is the most common used valuation approach of the three approaches (cost, income, and sales comparison) and why?

Market Extraction defined

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