What is the lowest holiday spending amount?

Question

BlackTom AI · Accepted Answer

To determine the lowest holiday spending amount, we first need the set of spending values to compare.

Optionally, if you have a list like [150, 180, 220, 175], the smallest value would be found by identifying the minimum number in that list.

Key steps to compare numeric monetary values:
- Ensure all values are numeric (remove any currency symbols like $ or commas if needed).
- Treat each entry as a number, not as a string, so that 180 is compared as 180, not as text.
- Compare across all entries to locate the smallest figure.
- Be mindful of data quality: verify there are no missing values or outliers that would skew the interpretation of “lowest” in a meaningful way (e.g., zero dollars due to a discount vs. a data entry error).
- If the dataset spans different currencies, convert to a common currency before comparing.

If the dataset contains only a single value, that value is by default the lowest by its being the only value present. If multiple values exist, the minimum among them represents the lowest holiday spending amount. Depending on how the data is formatted or stored (e.g., integers vs. decimals), ensure consistent precision during comparison.

In summary, the process is all about extracting the numeric values and selecting the smallest one after normalizing the data types and formats. When you see a candidate like 180 as the minimum in a given set, it would be the lowest amount only if no smaller values exist in that same set.

BU-STAT-2103-751-49510-202503 Holiday Spending Survey Exercise, part I

What is the lowest holiday spending amount?

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