Business Statistics

The variables in the data set are as follows:

V1 = Region around Melbourne where property is located (1 = North, 2 = West, 3 = East, 4 = Central)

V2 = Property type (0 = Unit, 1 = House)

V3 = Sale result (1 = Sold at auction, 2 = Passed-in, 3 = Private sale, 4 = Sold before auction). Note that a blank cell for this variable simply indicates that the property did not sell.

V4 = Building type (1 = Brick, 2 = Brick veneer, 3 = Weatherboard, 4 = Vacant land)

V5 = Number of rooms

V6 = Land size (Square metres)

V7 = Sold Price ($000s)

V8 = Advertised Price ($000s)

Column A (PN), contains the property identification numbers for the 400 properties.

Assignment Tasks (Part III)

Answers to the assignment tasks must be based on the sample data file that you created in Part I of the assignment. As for Part II, most tasks in Part III of the assignment require you to obtain an Excel output prior to performing some analysis. Copy and paste these outputs to your assignment MS Word document immediately preceding any subsequent analysis. Explanations must be precise and to the point. Charts and tables must have appropriate titles and numerical values must be rounded to an appropriate number of decimal places and accompanied by the correct units of measure.

There are four tasks in Part III of the assignment. You must meet all task requirements to receive full marks. No marks will be awarded to a task that requires an Excel output, if a print copy of the output has not been included with your answer. No marks will be awarded if only the Excel outputs are submitted without comments, explanations or the analysis required in the task.

Task 6 

(a) By reference to numerical summary measures in the Descriptive Statistics table obtained in Task 5, provide three pieces of distinct evidence that might suggest that your sample “Sold Price” data has been obtained from a normally distributed population. What is your conclusion? Note: Make sure your three pieces of distinct evidence only contain one relating to the shape of the sample data.

(b) Regardless of your conclusion in (a), assume your sample “Sold Price” data have been obtained from a normally distributed population, and calculate, using Standard Normal tables, approximately how many “Sold Price” data values in your sample you would expect to lie within 1.5 standard deviations of the mean (i.e. between z = –1.5 and z = +1.5).

(c) Use your sorted “Sold Price” sample data from Task 4, and the mean and standard deviation from the Descriptive Statistics table of Task 5, to manually count the number of “Sold Price” data values in your sample that lie within 1.5 standard deviations of the mean. State whether this count matches, approximately, your answer to (b) and hence whether this result confirms (or not) your conclusion in (a).

Task 7 

(a) Use Excel to produce a Descriptive Statistics table for the “Sold Price” variable in your sample suitable for constructing an interval estimate of the population mean “Sold Price”. Hence determine:

(i) A point estimate of the mean Sold Price” of the population of properties.

(ii) A 90% confidence interval estimate of the mean “Sold Price” of the population of properties.

(b) Make a brief verbal statement explaining the meaning of the confidence interval estimate obtained in (a) in the context of the variable in this task.

(c) If the population mean “Sold Price” is actually 650 ($000s), would you consider the interval estimate obtained in (a), to be satisfactory? Explain why or why not.

Task 8 

(a) By reference to the Descriptive Statistics table obtained in Task 7, determine a 99% confidence interval estimate of the mean “Sold Price” of the population of properties using the following formula:

(sample statistic) ± (critical z or t) × (standard error of the sample statistic)

(b) Comment on the precision of this interval, in particular, compare the precision associated with this interval with that obtained in Task 7. Explain why the direction of the change in precision that you have observed in these two intervals ought to be obvious prior to constructing the two intervals.

Task 9 

(a) Use Excel to produce a Descriptive Statistics table for the brick veneer properties in your sample suitable for constructing an interval estimate of the population proportion of brick veneer properties. Hence determine:

(i) A point estimate of the proportion of brick veneer properties in the population.

(ii) A 99% confidence interval estimate of the proportion of brick veneer properties in the population.

(b) Make a brief verbal statement explaining the meaning of the confidence interval estimate obtained in (a) in the context of the variable in this task.

(c) If the population proportion of brick veneer properties is actually 42%, would you consider the interval estimate obtained in (a), to be satisfactory? Explain why or why not.

Are you looking for a similar paper or any other quality academic essay? Then look no further. Our research paper writing service is what you require. Our team of experienced writers is on standby to deliver to you an original paper as per your specified instructions with zero plagiarism guaranteed. This is the perfect way you can prepare your own unique academic paper and score the grades you deserve.

Use the order calculator below and get ordering with idealtermpapers.com now! Contact our live support team for any assistance or inquiry.

Type of paper Academic level Subject area
Number of pages Paper urgency Cost per page:
 Total:

Purchase Guarantee

Why ORDER at IdealTermPapers.com?

  • Educated and experienced writers.
  • Quality, Professionalism and experience.
  • Original Content writing.
  • Best customer support.
  • Affordable Pricing on orders.
  • Thorough research.
  • Ontime delivery of finished work.
  • 100% plagiarism free papers.

Reasonable Prices

  • To get the best quality papers isn’t cheap so don’t trust extremely low prices.
  • We can’t claim that we have unreasonably low prices because low prices equal to low quality.
  • Our prices are good and they balance with the quality of our work.
  • We have a Moneyback guarantee.

Original and Quality work

  • Our writers are professionals and they write your paper from scratch and we don’t encourage copy pasting.
  • All writers are assessed and they have to pass our standards for them to work with us.
  • Plagiarism is an offence and it’s never tolerated in our company.

Native Writers plus Researchers

  • Our writers are qualified and excellent and will guarantee the best performance in your order.
  • Our team has writers who have master's and PhD qualifications who can handle any assignment
  • We have the best standards in essay writing.

We have been in business for over 7 syears

  • We have always served our customers from all over the world and they have continued to order with us.
  • We value our customers since they have trusted us to do their assignments.
  • We are competent in our writing gained from experience over the years
  • Our company has 24/7 Live Support.

You will get

  •  Custom Admission Essay written by competent professional English writers.
  •  Free revisions according to our revision policy if required
  •  Paper format:  275 words per page, Times New Roman font and size 12, doublespaced text and1 inch margin
  •  On time delivery and direct order download
  •  Privacy guaranteed

We can help you:

  •  acquire a comprehensive professional presentation.
  •  get a unique and remarkable content as per your instructions.
  •  Get an additional portion that can be included to your existing presentation;
  •  turn your work in to an eyecatching presentation with well communicated ideas.
  •  improve your presentation to acquire the best professional standards.