North Valley Real Estate Case Study – Part 1

Description

The purpose of this assignment is to conduct descriptive statistical analysis and introduction to inferential statistics.

Reference the “SYM-506 North Valley Real Estate Case Study Variables” resource, which defines the variables, and the “SYM-506 North Valley Real Estate Case Study Data Set” Excel spreadsheet, provided in the Class Resource called “SYM-506 North Valley Real Estate Case Study,” to complete the assignment.

Utilize the statistical analysis methods and concepts you have learned thus far in the course to address the following questions in an Excel spreadsheet and a Word document. Additionally summarize your findings from each exercise in a brief summary. You will submit both the Excel spreadsheet with your analysis and the Word document with your summaries.

This assignment will be integrated into the final paper for the case study project in Topic 8, which will require APA formatting for the tables, charts, and graphs developed in this Part 1 assignment.

Exercise 1: Describing Data – Mean, Median, Range, and Standard Deviation

Analyze the following utilizing the Descriptive Statics in Excel with the Data Analysis ToolPak. Refer to “Use the Analysis ToolPak to Perform Complex Data Analysis,” located in the the topic Resources, for help with integrating the ToolPak in Excel. Briefly summarize your findings in a paragraph.

• (a) Analyze the mean and median Price (market price in dollars) of the data. Discuss around what values do the data tend to cluster. Discuss whether one measure is more representative of the typical Price (market price in dollars) than the others.
• (b) Analyze the range of the Price (market price in dollars) and determine the standard deviation. Discuss which two values that 95% of the Price (market price in dollars) fall between. Discuss whether the standard deviation is a useful statistic for describing the dispersion of the Price (market price in dollars ).

Exercise 2: Describing Data – Box and Whisker and Scatter Charts

Analyze the following using box and whisker charts and scatter charts in Excel. Briefly summarize your findings in a paragraph.

• (a) Compute the minimum, maximum, median, as well as the first and third quartiles for the Price (market price in dollars). Create a box and whisker chart and comment on the distribution of the Price (market price in dollars).
• (b) Develop a scatter chart with the Price (Market price in dollars) on the vertical axis and the Size (livable square feet of the property) of the home on the horizontal axis. Discuss whether there is a relationship between the variables and whether that relationship is direct or indirect.

Exercise 3: Two-Sample Tests of Hypothesis

For the following exercise, state the null and alternative hypotheses, determine the correct test statistic, formulate the decision rule, and interpret the results. Summarize the questions in a brief paragraph.

• (a) At the .05 significance level, can you conclude that there is a difference in the mean selling Price (market price in dollars) of homes with a pool and homes without a pool?
• (b) At the .05 significance level, can you conclude that there is a difference in the mean Price (market price in dollars) of homes with an attached garage and homes without an attached garage?

General Requirements

Submit both the Excel spreadsheet showcasing the statistical analysis and the summaries in the Word document.

APA style is not required, but solid academic writing is expected.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.