Activity Instruction
For this assignment, you will need to access the Florida Pool Data document, posted in in Updates and Handouts.
For this practical application assignment, imagine that you are a real estate agent living and working in southern Florida. The senior real estate partner of your firm e-mails you a document containing Florida pool home data and asks you to find ways to describe the most important aspects of the home sale data. This technique is called descriptive statistics. The file contains data for 80 properties, including home prices, home sizes, number of bathrooms, niceness ratings, and whether or not there is a pool. This file is used as an example on pages 142-143 of Business Statistics in Practice. If you are using Excel, read Appendix 2.1 on pages 80-87 in your textbook, which provides instruction on how to construct a frequency distribution, histogram, and scatter plot in Excel. SAS users can reference the SAS tutorials located in the third study activity of this unit.
Compute the following data parameters:
- Calculate the mean, median, range, and standard deviation of home price and size. For the assignment document, copy and paste the output (graph) from the Excel Analysis ToolPak or SAS Enterprise Guide into a Word document. Then cut and paste that spreadsheet into a Word document. Be sure to verbally summarize your data findings in four or five sentences that will help a home buyer make a purchasing decision in the Florida real estate market.
- Calculate the mode for the number of bathrooms. You can cut and paste the answers from the Excel Analysis ToolPak or SAS Enterprise Guide. Then verbally summarize this data to help a buyer make a purchasing decision in the Florida real estate market.
- Produce a histogram that shows the number of houses by price range, in increments of $50,000 (for example, $0-$50,000; $50,001-$100,000 and so on). Then verbally summarize how this histogram will help a buyer make a purchasing decision in the Florida real estate market.
- Produce a scatter plot showing the relationship between price and home size. In a cell under your scatterplot, indicate whether the relationship is positive or negative and whether the results are what you expect. Then verbally summarize how this scatter plot output will help a buyer make a purchasing decision in the Florida real estate market.