Reference no: EM133912232

Statistics for Business Decisions

PART A
You are part of the data analytics team at a leading Australian consulting firm. The company serves a diverse client base including public listed companies, small medium sized enterprises (SMEs), and educational institutions. Your team has been assigned to investigate factors influencing property prices in the Australian real estate market to assist stakeholders in making informed business decisions.

Research Question
How do different factors, such as land size, number of bedrooms, distance to the nearest secondary school, and number of garage spaces, influence the selling price of residential properties? Get Assignment Help from trusted tutors.

Task
Your task is to analyse this question using Analysis of Variance (ANOVA) and Correlation Analysis. You must collect real- world data, analyse it using appropriate statistical methods, and interpret your results in a business context.

Data Collection Task
Create a dataset in Excel that meets the following criteria (You are required to upload the data file separately).

At least 100 observations.

Variables to include Selling Price (AUD), Land Size (sqm), Number of Bedrooms, Distance to Nearest Secondary School (km), and Number of Garage Spaces
All properties must have been sold on or after 01/07/2025.

For verification, provide a hyperlink to each property's original listing from a trusted real estate website.

Descriptive Statistics and Visualisation

Descriptive Statistics Table

Using Excel, generate and present the following statistics for each variable: Mean, Median, Mode, Variance, Standard Deviation, Skewness, Kurtosis, and Coefficient of Variation.

Commentary on Descriptive Statistics in 2 (I) above

Interpret the values from the descriptive statistics. Discuss the distribution of each variable and identify any interesting patterns, skewness, or outliers that may affect analysis or business decisions.

Graph - Distribution of Bedrooms

Use an appropriate graph to visualise the number of bedrooms. Provide a brief explanation of what this distribution indicates.
Graph - Land Size vs. Selling Price

Create an appropriate graph to illustrate the relationship between land size and selling price. Briefly comment on the relationship.

Inferential Analysis: ANOVA and Correlation
One-Way ANOVA - Bedrooms vs. Selling Price

Use Excel's ANOVA tool to assess whether the mean selling price differs significantly based on the number of bedrooms.

Clearly state the null and alternative hypotheses in the context of the relationship between number of bedrooms and selling price.

Present the F-statistic, p-value, and your decision based on a 5% significance level.

Interpret the results and explain whether bedroom count is a significant factor in pricing decisions.

Based on your ANOVA results, state whether a post hoc analysis is warranted. If it is, list appropriate post hoc tests. Then, perform one suitable post hoc test, and interpret the result in relation to pricing strategy.

Correlation Analysis
Produce a correlation matrix for all quantitative variables.
Identify strength and direction of relationships with selling price.
Highlight any potential multicollinearity among independent variables.
Provide brief insights into what this implies for business or property investment decisions.

Part B- Employment and Unemployment Trends Analysis

Business Scenario
You are part of a consulting group analysing long-term labour market trends in Australia. Your team must apply a mix of statistical tools to evaluate gender-based differences in employment and unemployment types, with a focus on how such data informs workforce planning and policy recommendations.
Data Variables (1979-2024)
Male and Female Full-time Employment
Male and Female Part-time Employment
Male and Female Total Unemployment
Male and Female Unemployed looking for Full-time Work
Male and Female Unemployed looking for Only Part-time Work

Research Question:
How have gender-based differences in employment and unemployment patterns evolved in Australia from 1979 to 2024. What are the statistical and policy implications of these trends?
Task
Note: Refer to the data given in the Excel file "HIM6007 T2 2025 Group Assessment-Dataset"

Confidence Interval Estimation & Hypothesis Testing

Confidence Intervals
Estimate 95% confidence intervals for females unemployed seeking only part-time work and Males unemployed seeking only part-time work
Discuss overlap and implications for workforce dynamics.

Hypothesis Test
Test whether females unemployed and looking for full-time work differ significantly in average number compared to males.
State hypotheses, perform t-test, report p-value, and interpret the business relevance.

Probability & Socioeconomic Interpretation
Calculate the probability that a randomly selected unemployed individual is a female seeking only part-time work.
Link statistical findings to labour market theories and discuss implications for business or policy.

Part C - Summary of your analysis addressing the research question
Based on the answers in PART A above, write a summary of your analysis addressing the research question (100 - 150 words).
Based on the answers in PART B above, write a summary of your analysis addressing the research question (100 words).