STT500 Statistics for Decision Making Assessment
- Subject Code :
STT500
Description
Theindividualassignmentmustprovidea1500-wordwrittenreport.Thisreportwilldevelopstudents'quantitativewritingskillsandtesttheirabilitytoapplytheoreticalconceptscoveredfromweeks1-8.PleaseuseExcel for statistical analysis in this assignment. Relevant Excel statistical output must be properly analysed andinterpreted.
AssignmentData
The real estate markets present a fascinating opportunity for data analysts to analyse and predict propertyprices.Consideringthedataprovided a largesetofpropertysalesrecords.
Attributeinformation:
- PN: Propertyidentificationnumber
- Price: Priceoftheproperty($000)
- Bedrooms: Numberofbedrooms
- Bathrooms: Numberofbathrooms
- Lot size:Landsize(insquaremeters)
Thepopulationpropertydatafromwhichyouwillselectyoursampledataconsistsof500IDseachwithan identifying propertynumber(PN)ranging from1 (or 001)to 500.
Your first task is to select 50 three-digit random (property) numbers ranging from 001 to 500 from theprovidedtableofrandomnumbers.
Toselectyour50randompropertyidentificationnumbers,youwillneedtofirstgotoastartingpositionrow and column in the random number table. Defined by the last three digits of your PolytechnicInstituteAustraliastudentidentificationnumber.ThelasttwodigitsofyourPIAIDnumberidentifytherow,andthethirdlastdigitidentifiesthecolumnofyour(relatively)uniquestartingposition.
You need to record these first three acceptable ID numbers into the first column of an Excel spreadsheetandthencontinuethisprocessuntilfiftyvalidthree-digitpersonalidentificationnumbersareselected.
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 thepopulation propertydata.
For the demonstration last three digits of 205, reading across row 05 from left to right starting at column 2 asinstructed,you would encounterthefollowingthree-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 anExcel spreadsheet and then continue this process until fifty valid three-digit personal identification numbersselected.
Students are required to use the generated data according to their student ID to answer the assessmentquestions.
Makesurethefollowingquestionsarecoveredinthedataanalysis:
- 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 thepopulation propertyUseyour data toanswer questions2-10.(10marks)
- Use Excel to create frequency distributions, Bar charts, and Pie charts for the number of bedrooms andCommentonthekeyfindings. (10marks)
- What type of variable(Continuous, Discrete, Ordinal,or Nominal) isthe number ofbedrooms,andjustifyyour (2marks)
- Use Excel to create Histogram for the Price of the property and Land size (square ft lot). Also, Comment on thekey (10marks)
- Show descriptive summary statistics for the Price of the property in thousand dollars and Land size(squareftlot).Commentontheshape,canter,andspreadofthesetwo (15marks)
- Check the normalityofthePriceofthepropertydatawiththreepiecesof (8marks)
- Construct a 95%confidenceintervalforthepopulationsaveragePriceoftheproperty,alsoInterprettheconfidenceinterval. (10marks)
- Construct a 95%confidenceintervalforthepopulationsaverageLandsize(squareftlot)oftheproperty,alsoInterprettheconfidenceinterval. (10marks)
- Test whether the populations 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(?)of5%. (15marks)
- State yourconclusionin (10marks)