The best use of the whole property as it exists with improvements; the use that would yield the greatest total market value, after weighing the relative benefits of continuing with the existing improvements or replacing them.
On the other hand, the value of the "largest home on the block" may decrease if the other homes on the street are much lower in value - regression.
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A manufacturing company produces steel housings for electrical equipment. The main component part of the housing is a steel trough that is made from a 14-gauge steel coil. It is produced using a 250-ton progressive punch press with a wipe-down operation that puts two 90 -degree forms in the flat steel to make the trough. The distance from one side of the form to the other is critical because of weatherproofing in outdoor applications. The widths (in inches), shown below and stored in Trough, are from a sample of 49 troughs:
a. Construct a 95% confidence interval estimate for the mean width of the troughs.
b. Interpret the interval developed in (a).
c. Do you think the assumption needed to construct the confidence interval estimate in (a) in valid?