Prepare table that shows mean and standard deviattion

Assignment Help Applied Statistics
Reference no: EM131068256

Business Statistics Major Assignment-

In this assignment you will examine data used by a Real Estate investment advisor. She wants you to answer some specific questions put by clients about houses prices in the neighborhood encompassed by 4 suburbs around city of Melbourne. The data is contained in the file 'Real_Estate.xls' and contains the following columns (variables):

Variable Name

Description

ID

House Identity number

Price

Selling Price of the house (in 000's)

Bedrooms

Number of bedrooms

Size

House Size (m2)

Pool

0=House without a Pool

1=House with a Pool

Distance

Distance from city centre (km)

Suburb

Suburb number

Garage

0=House without a Garage

1=House with a Garage

1. Random Sample: Before you begin your analysis you are required to take a random sample of size 110 from the 170 cases in the file. Use the file Random_Sample_Generator-13-2.xls to do this. Your tutor will show you how this can be done in EXCEL. Answers to the questions below are to be based on your sample of 110 cases. Make sure to keep a safe copy of the sample you use since you cannot use Random_Sample_Generator-13-2.xls to reproduce it. Provide a printout of the data in your sample, with ID numbers in ascending order.

2. Summary table:

a) i) Prepare a summary table that shows the mean, standard deviation and 95% confidence interval for the mean of the following variables: Selling Price, Number of bedrooms, Size of house, Distance from city centre

ii) Use some of the information in (i) to describe a typical house in these suburbs.

b) i) Prepare a summary table that shows the mean and standard deviation of Price for houses in the 4 Suburbs according (subject) to the variable Bedrooms. Think carefully about the layout of the rows and columns of your table. As well as means and standard deviations you should also include the number of houses in each group. So each cell in your final table should contain the mean, the standard deviation and n, the number of houses in that group.

ii) Comment, in bullet point form, on the Price of any combinations for Suburb and Bedrooms variables (i.e. cells in the table).

3. A local real estate firm has told a client that the average Price of a house in Suburb 2 is $420,000.  You have been asked to evaluate this claim. Use a One Sample t Test for the Mean to evaluate the claim that the average price is $420,000.

4. Size and Price: One of the clients wants information on Size of houses as it relates to price.

a) First create a new variable (column) labelled Size Group which divides Size up into two size groups as follows:

Under 200 square meters

Small

200 square meters and over

Large

b) Produce suitable graphs or charts to help in providing the information requested on the Size of the house as it relates to Price.

c) Find 95% CI intervals for the small and large houses Price. Is there any interaction (overlap) between the two Confidence Intervals?  What does this tell you about the Prices for the two Sizes?

5. Produce a scatter plot of Price vs Size (Size should be on the horizontal axis). Make sure you label your axes properly and that your graph has an appropriate title.  Briefly describe the nature of the relationship between these two variables.

Use XL to carry out a regression analysis on these two variables. Copy the output into your assignment and use it to respond to the following:

a) Write down the regression equation.

b) State the R-Square value and the Standard Error and explain what they mean with respect to this data.

c) Write down the value of the gradient of the regression line and explain what it means in this case.

d) Is the constant or intercept value significant in this case?  How do you know this?

e) Briefly explain why you think this regression model is, or is not, a good model.

Price and Suburb indices:

a) Determine the Suburb indices for each suburb after regressing Price with Size of the house. Use the multiplicative model in calculating suburbs indices: Improved Predicted Price=Predicted Price (as a function of Size) × Suburb Index.

Hint: Use a similar technique to the time series technique that calculates seasonal indices.                                                               

b) Interpret the suburb indices in the context of the problem.

6. Using information from your analyses write a short concluding paragraph about house prices and sizes for different suburbs.

Attachment:- Assignment Data.rar

Reference no: EM131068256

What''s the probability of getting a three

1.  The singular form of the word "dice" is "die". Tom was throwing a six-sided die. The first time he threw, he got a three; the second time he threw, he got a three again. W

Car security system consists of five digits

The access code for a car's security system consists of Five digits. The first digit cannot be zero and the last digit must be odd. How many different codes are available?

The united states has ten times the population of canada

The United States has ten times the population of Canada.  Assuming equal standard deviations, how many American teenagers must be sampled in order to estimate the true mean a

What percentages of students fall under the mean

The mean store for an exit test at an urban high school examination was 68% with a standard deviation of 3. Given these results, what percentages of students fall under the me

Test a manufacturer''s claim that the average life

Test a manufacturer's claim that the average life of its product is 100 hours (H0: µ = 100). There is evidence that the true average life of the product is not as advertis

Uniformly distributed between ?0.5 and 0.5 pounds

Uncle Henry has been having trouble keeping his weight constant. In fact, at the end of each week, he notices that his weight has changed by a random amount, uniformly di

Indicate the name of the topic and the name of the slice

Respond to your peers or the professor and tell the person whether his answer is correct or incorrect and explain why. Indicate the name of the topic and the name of t

Product structure tree for the coffee table

Construct the product structure tree for the coffee table and all of the items required to construct the table - complete the MRP for the coffee table and all of the items req

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd