MAT10251- Statistical Analysis

Tasks

Task 1

Part A Self-Marking

When directed to do so during Week 5 complete the following tasks

1) Open your saved copy of your submission for Part A.

2) Replace the Part A coversheets (three pages) with the Part B coversheets (first four pages).

3) Rename and save this file as

4) Use the solution template and marking guide provided to mark your submission for Part A. Enter recommended marks on the self-marking sheet for Part A, page 3 of the file in 3) above.

5)Write a short reflection/feedback on your submission and marking of Part A. In particular: consider the good aspects of your submission, what did you do well identify where you made mistakes, and how you would avoid them in the future consider what you learnt from submitting and marking Part A.

This is to be entered in the space at the bottom of the self-marking sheet for Part A.

Task 2 - Statistical Inference Tasks

The following statistical tasks should appear as appendices to your written answer. This should include all necessary steps and appropriate Excel output. 

These appendices should come after your written answer within your single Word document for Part B.

In preparing your appendices you may use one of the following formats:

Word with Excel output added.

Handwritten with Excel output added. This will then need to be scanned and added to your word document.

Statistical Inference

Choose a level of significance for any hypothesis tests and a level of confidence for any confidence intervals. Enter these values on page 2 of the Part B coversheets along with the sample number from Part A.

Question 1 – Topic 5

Older buyers are often looking to downsize, moving from a four or more bedroom house to a smaller two or three bedroom unit. 

Explore if older buyers wishing to downsize have a reasonable choice of units to choose from by using the Type data (6th column of your data) for ALL 125 residential properties for sale and an appropriate statistical inference technique to answer the following question

What proportion of residential properties for sale, in the location and state specified by your sample, are units?

Question 2 – Topic 6 

From past research, Safe-As-Houses Real Estate is aware that many potential buyers consider a non-capital city or town too expensive if the average house price is more than half a million dollars. 

Explore if potential buyers would consider house prices in the location and state specified by your sample too expensive by using the Price $000 data (first column of your data) for ALL houses for sale and an appropriate statistical inference technique to answer the following question

In the location and state specified by your sample, is the mean house price more than $500,000?

Notes:

You may need to transform or manipulate your sample data, before using Excel for the required statistical calculations.

Use Excel for statistical calculations. You do not need to repeat any Excel calculations by hand. However, make sure that you define your random variables and include any steps not given by Excel. For example, in a hypothesis test include the null and alternative hypotheses, along with the decision to reject or not reject the null hypothesis. 

Mention any assumptions you need to make.

Comment on why the test or confidence interval has been chosen

Make sure you interpret confidence intervals and write a conclusion to hypothesis tests.

Task 3 - Part B Written Task – Components of a report

For each question, present the results of your calculations, with your interpretation and conclusion as components of a longer report on the residential property market.

Use the instructions given on page five of the Part B coversheets.

This should be a one to three pages and 200 to 400 words. 

It should be submitted as a Word file with Excel output included. 

Make sure you:

Introduce each question and put it in context.

Answer the question in non-statistical language

Present the results of your intervals or tests without unnecessary statistical jargon

Include conclusions which answer the given questions.