STT500 Statistics for Decision Making
Unit Code and Title: STT500 Statistics for Decision Making
|Assessment 2: individual case scenario(s) for data analytics||25% of final mark||Due Week 8, Sunday 8th January 2023, 11:59pm||1500 words|
Individual assignment must provide a 1500-word written report. This report will develop students quantitative, writing skills and, also test the 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.
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.
- 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 identifies 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 spread- sheet 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.
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.
Make sure the following questions are covered in data analysis:
- 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 the questions 2-10.
- Use Excel to create frequency distributions, Bar charts and Pie charts for number of bedrooms and Number of bathrooms. Comment on the key findings. (10 marks)
- What type of variable (Continuous, Discrete, Ordinal or Nominal) is number of bedrooms and justify your answer. (2 marks)
- Use Excel to create Histogram for Price of the property and Land size (square ft lot). Also Comment on the key findings. (10 marks)
- Show descriptive summary statistics for Price of the property in thousand dollars and Land size (square ft lot). Comment on the shape, canter and spread of these two distributions. (15 marks)
- Check the normality of the Price of the property data with three evidence. (8 marks)
- Construct a 95% confidence interval for the population’s average Price of the property, also Interpret
the confidence interval. (10 marks)
- Construct a 95% confidence interval for the population’s average Land size (square ft lot) of the
property, also Interpret the confidence interval. (10 marks)
- 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%. (15 marks)
- State your conclusion in context. (10 marks)
The assessment is due to be submitted by Sunday 8 January 2023, 11:59pm. This is to be submitted via the Turnitin similarity checking link.
Submit either a Word document or a PDF.
At the top of your assignment provide your full name, student identification number.
Assessment 2 will be narked based on 100 marks and will be automatic converted on grading form in Turnitin. Marks and feedback with comments will be provided to students with 2 weeks after submission. These will be made in Turnitin.
Note: For all the requirements of submissions and integrity policies you must refer to the unit study guide provided. Please check on MyPIA Moodle site.
== End of Assessment brief===