Basic HTML Version
Q
uantitative
R
easoning &
P
roblem
S
olving
220
© 2014 Pacific Crest
M
odel(s)
Exemplars and representations
A
verage
R
etail
P
rice of
E
lectricity
to
U
ltimate
C
ustomers
by
E
nd
-U
se
S
ector
,
by
S
tate
Scenario:
We’re looking at SMART GRID advancements and want to study current usage,
price, and regional variations to the price of electricity. Our current question is
about the current prices of electricity for residential users across the country.
Data set available online at companion website.
Step
Model
1. Locate sources for possible data
sets
Select data set, “Price of Electricity by State”
2. Identify the purpose for generating
the original data
The data was collected by the Energy Information
Administration, Form EIA-826, “Monthly Electric Sales and
Revenue Report with State Distributions Report”. It seems
that the purpose was to inform current stakeholders of
what is going on in the electricity sector.
3. Test if purposes align
Yes. Their purpose is to inform and that is the data that I
was seeking.
4. Identify concerns
The transportation segment is missing a lot of data
5. Determine value
Yes, the residential information is intact and without gaps;
moreover, it is organized and presented in a format that
allows me to reorder it so that it is more valuable.
6. Clean the data
The data we will be using needs no cleaning
7. Determine readiness
1. The data meets my needs
2. It was generated in an unbiased way
3. It has been adjusted to meet my criteria for use