Create histogram for the price of the property and land size

Assignment Help Applied Statistics

Reference no: EM133511155 , Length: word count:1500

Statistics for Decision Making

Description

The individual assignment must provide a 1500-word written report. This report will develop students' quantitative writing skills and test their ability to apply theoretical concepts covered from weeks 1-8. Please use Excel for statistical analysis in this assignment. Relevant Excel statistical output must be properly analysed and interpreted.

Assignment Data
The real estate markets present a fascinating opportunity for data analysts to analyse and predict property prices. Considering the data provided a large set of property sales records.

Attribute information:

• PN: Property identification number
• Price: Price of the property ($000)
• Bedrooms: Number of bedrooms
• Bathrooms: Number of bathrooms
• Lot size: Land size (in square meters)

The population property data from which you will select your sample data consists of 500 IDs each with an identifying property number (PN) ranging from 1 (or 001) to 500.

Your first task is to select 50 three-digit random (property) numbers ranging from 001 to 500 from the provided table of random numbers.

To select your 50 random property identification numbers, you will need to first go to a starting position row and column in the random number table. Defined by the last three digits of your Polytechnic Institute Australia student identification number. The last two digits of your PIA ID number identify the row, and the third last digit identifies the column of your (relatively) "unique" starting position.

You need to record these first three acceptable ID numbers into the first column of an Excel spreadsheet and then continue this process until fifty valid three-digit personal identification numbers are selected.

To select your sample data based on 50 randomly selected properties from the random number table, you will need to use these identification numbers to select properties from the Excel sheet of the population property data.

For the demonstration last three digits of 205, reading across row 05 from left to right starting at column 2 as instructed, you would encounter the following three-digit numbers.

04773 12032 51414 82384 38370 00249 80709 72605 67497

You need to record these first three acceptable ID numbers, 047, 120, 383 and 002 into the first column of an Excel spread-sheet and then continue this process until fifty valid three-digit personal identification numbers selected.

Students are required to use the generated data according to their student ID to answer the assessment questions.
Make sure the following questions are covered in the data analysis:

1) Create 50 randomly selected properties from the random number table based on your PIA ID number, you will need to use these identification numbers to select properties from the Excel sheet of the population property data. Use your data to answer questions 2-10.

2) Use Excel to create frequency distributions, Bar charts, and Pie charts for the number of bedrooms and bathrooms. Comment on the key findings.

3) What type of variable (Continuous, Discrete, Ordinal, or Nominal) is the number of bedrooms, and justify your answer.

4) Use Excel to create Histogram for the Price of the property and Land size (square ft lot). Also, Comment on the key findings.

5) Show descriptive summary statistics for the Price of the property in thousand dollars and Land size (square ft lot). Comment on the shape, canter, and spread of these two distributions.

6) Check the normality of the Price of the property data with three pieces of evidence.

7) Construct a 95% confidence interval for the population's average Price of the property, also Interpret the confidence interval.

8) Construct a 95% confidence interval for the population's average Land size (square ft lot) of the property, also Interpret the confidence interval.

9) Test whether the population's average Price of the property in thousand dollars is different from $530. Formulate the null and alternative hypotheses. State your statistical decision using the significant value (α) of 5%.

10) State your conclusion in context.

Attachment:- Statistics for Decision Making template.rar

Reference no: EM133511155

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