Reference no: EM131336039
Sampling Distributions - Real Estate Part 2
Directions: Use the real estate data you used for your Week 2 learning team assignment. Analyze the data and explain your answers.
1. Review the data and for the purpose of this project please consider the 100 listing prices as a population.
• Explain what your computed population mean and population standard deviation were.
2. Divide the 100 listing prices into 10 samples of n=10 each. Each of your 10 samples will tend to be random if the first sample includes houses 1 through 10 on your spreadsheet, the second sample consists of houses 11 through 20, and so on.
• Compute the mean of each of the 10 samples and list them:
3. Compute the mean of those 10 means.
• Explain how the mean of the means is equal, or not, to the population mean of the 100 listing prices from above.
4. Compute the standard deviation of those 10 means and compare the standard deviation of the 10 means to the population standard deviation of all 100 listing prices.
• Explain why it is significantly higher, or lower, than the population standard deviation.
5. Explain how much more or less the standard deviation of sample means was than the population standard deviation. According to the formula for standard deviation of sample means, it should be far less. (That formula is σ? = σ/√n = σ/√10 = σ/3.16 ) Does your computed σ? agree with the formula?
6. According to the Empirical Rule, what percentage of your sample means should be within 1 standard deviation of the population mean? Using your computed σ?, do your sample means seem to conform to the rule?
7. According to the Empirical Rule, what percentage of your sample means should be within 2 standard deviations of the population mean? Again, do your sample means seem to conform to the rule?
Dr.Loizeaux I only need the belowquestion answered.
8. You used the Empirical Rule because it really gives us more information (and because I asked you to), but truthfully you should have used Chebyshev's Theorem. Even though Chebyshev's doesn't tell us much, why should you have used that one instead?
Attachment:- Team_a.xlsx
|
Post a brief description of the video you chose
: Post a brief description of the video you chose. Next, include an example of one or two codes and provide quotes from your notes or transcript to support your example. Finally, explain your reasoning for this coding
|
|
Assuming an exponential distribution
: Livelong, Inc.'s computer monitors have a failure rate of 0.00095 units per hour. Assuming an exponential distribution, what is the probability of failure within 5,000 hours? Please fill in numeric value and NOT in percentage form. For example, if..
|
|
Airport infrastructure checklist
: When examining potential airports as part of your site selection analysis, list three criteria you would include in your airport infrastructure checklist.
|
|
Did casey make an economic profit at the tournament
: Casey is an expert poker player and can make $35 an hour playing poker online. On Saturday Casey goes to a local tournament with a $15 entry fee. He plays for four hours and wins first place, taking home the $150 prize. Did Casey make an economic ..
|
|
Explain how the mean of the means is equal or not
: Explain why it is significantly higher, or lower, than the population standard deviation. Explain how the mean of the means is equal, or not, to the population mean of the 100 listing prices from above.
|
|
Preference of the portrayal on film or on stage
: Compare and contrast one character citing a preference of the portrayal on film or on stage. Support your selection and with specific choices that the actors made in bringing their character to life.
|
|
What is involved with assessing competition
: What is involved with assessing your competition? Why is it important? How can strong competitors benefit a company? Discuss the advantages of being a market follower. When would you apply this strategy?
|
|
Write a paper on any aspect of african american experience
: Write a paper on any aspect of the African American experience covered in class and relate it to a current event found in a reliable media source or a personal experience that comes from your narratives at the beginning of the semester. The purpos..
|
|
Development of a mobile application
: As a project manager, you are going to prepare two project outlines for the development of a mobile application. One project outline uses a waterfall model, another uses an agile method.
|