Student Daily Allowance and Expenses Survey

(College Department of LPU- Laguna)

Statistics and Probability

Introduction

Money plays a vital role in every person's life. It is the medium used for exchange,
unit of account and store of value (dictionary.com). It is used to buy goods and materials that
are necessary in life. It can also prevent the sufferings that come with poverty like cold and
hunger, give satisfaction, provide education and even power. Without it, one cannot buy
anything he needs and wants. In fact according to Ayn Rand, money is the source of survival.
She explains in her book Atlas Shrugged that the source of a person's livelihood is the verdict
he pronounces in his life.

As prices of commodities become higher, money has gained more value today.
Additionally, there are only few materials left that cannot be bought by money. This is why it
is very important to spend it wisely. Still, using money doesn't end from spending, it is also
very essential to save wealth for future use and plans.

Money is a fundamental and indispensible tool to live in a materialistic world. Only a

wise person truly knows the value of it. Businessmen are people who use their money only
when it is necessary. However, they also know when to invest a lot of money unto something
they know will be useful in the future. In fact, all people in different fields have their own
ways to spend and save their money.

Students on the other hand, learn to save their allowance as they grow and meet
different requirements in school as well as things they want to buy for their own. Budgeting
is one of the practical skills that come in useful for them. It helps them to attain a better
understanding of financial matters that would become handful in their future.
 Student Daily Allowance and Expenses Survey
(College Department of LPU- Laguna)

Statistics and Probability

This is the tabulated data of the average daily allowance of LPU-Laguna College
Students without due respect to their courses. So, there are two students who have an
allowance of 100php to 150php, seven students have an allowance of 151php to 200php, two
students have 201php to 250php, four students have 251php to 300 php, four students have
451php to 500php of allowance and one student for 650php to 700php. On the first column
represented as (x) the specific amounts of the Students allowance are indicated, and the
second column represented as P(x). The third column is xP(x), we have come up to its data
by multiplying the value given by the (x) and the P(x). Now we have the values for xP(x) we
can get the Mean- The "Mean" is the "average" you're used to, where you add up all the
numbers and then divide by the number of numbers or in higher context,
In probability and statistics, mean and expected value are used synonymously to refer to one
measure of the central tendency either of a probability distribution or of the random
variable characterized by that distribution. In the case of a discrete probability distribution of
a random variable X, the mean is equal to the sum over every possible value weighted by the
probability of that value; that is, it is computed by taking the product of each possible
value x of X and its probability P(x), and then adding all these products together, giving

On the fourth column as represented as x-, this is done by

subtracting the mean from the (x), and if its difference is squared the answer then be
multiplied with P(x) then we are able to find the variance. The variance (2) is a measure of
how far each value in the data set is from the mean which gives us 22692.75. In contrary is
the Standard Deviation () is simply the (positive) square root of the variance which finally
gives us 150.6411298.

x P (x) xP(x) x- (x-)2 P(x)(x-)2

130 0.05 6.50 -171.5 29412.25 1470.6125
150 0.05 7.50 -151.5 22952.25 1147.6125
200 0.4 80.00 -101.5 10302.25 4120.9
250 0.05 12.50 -51.5 2652.25 132.6125
300 0.2 60.00 -1.5 2.25 0.45
500 0.2 100.00 1985 39402.25 7880.45
700 0.05 35.00 398.5 158802.25 7940.1125
Mean= 301.50 Variance= 22692.75
Stdev= 150.6411298
 Student Daily Allowance and Expenses Survey
(College Department of LPU- Laguna)

Statistics and Probability

Daily Number of
Allowance Students
130 1
150 1
200 8
250 1
300 4
500 4
700 1

Daily Allowance of LPU-Laguna

College
Students

5% 5%
5%
130
20% 150
200
250
300
40%
500
20%
700

5%

Therefore upon conducting the survey and interpreting the data, 5% of the group has
130 php of allowance daily, 5% has 150 php, 5% of them has 700 php, 20% has 500 php,
20% of them has 300php, 5% has 250 php, and lasty majority has 40% which have a daily
allowance of 200php.
 Student Daily Allowance and Expenses Survey
(College Department of LPU- Laguna)

Statistics and Probability

Student Money
Mark Dela Torre 500
MJ Mabaga 250
Dero Uvero 300
Daniel Barairo 150
Mark Terenal 250
Justine Yap 200
Neil Lauguico 130

Vince Hernandez 700

Kelly Tada 500
Jaspher Berana 200
Vina Evannie 500
Ivy Villanueva 500
Lovelyn Marqueses 200
Mark Lorio 200
Ella Dalawampo 200

Chito Gutierrez 200

Edrian Napoles 500
Adrian Garcia 300
Josette Caponitan 300
Dhenia Bondad 300