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Sampling Distributions – Real Estate Part 2Directions: Use the real estate dat

Sampling Distributions – Real Estate Part 2Directions: Use the real estate data you used for your Week 2 learning team assignment. Analyze the data and explain your answers. Review the data and for the purpose of this project please consider the 100 listing prices as a population.· Explain what your computed population mean and population standard deviation were.2. Divide the 100 listing prices into 10 samples of n=10 each. Each of your 10 samples will tend to be random if the first sample includes houses 1 through 10 on your spreadsheet, the second sample consists of houses 11 through 20, and so on.· Compute the mean of each of the 10 samples and list them:3. Compute the mean of those 10 means.· Explain how the mean of the meansis equal, or not, to the population mean of the 100 listing prices from above.4. Compute the standard deviation of those 10 means and compare the standard deviation of the 10 means to the population standard deviation of all 100 listing prices.· Explain why it is significantly higher, or lower, than the population standard deviation.5. Explain how much more or less the standard deviation of sample means was than the population standard deviation. According to the formula for standard deviation of sample means, it should be far less. (That formula is ?? = ?/?n = ?/?10 = ?/3.16 ) Does your computed ?? agree with the formula?6. According to the Empirical Rule, what percentage of your sample means should be within 1 standard deviation of the population mean? Using your computed ??, do your sample means seem to conform to the rule?7. According to the Empirical Rule, what percentage of your sample means should be within 2 standard deviations of the population mean? Again, do your sample means seem to conform to the rule?8. You used the Empirical Rule because it really gives us more information (and because I asked you to), but truthfully you should have used Chebyshev’s Theorem. Even though Chebyshev’s doesn’t tell us much, why should you have used that one instead?Real Estate Data
Part 1 Throughout this paper you will find
Team C’s analysis on the first 100 single-homes in the Atlanta, Georgia area. The
property address, listing price, square footage and the number of bedrooms were
populated in excel.Allcriteria was met and – statistical formulas applied to
the data regarding the single-homes provided below. The Data provided shows the cost of
the present price point of houses listed. Below is the frequency distribution
based on the above information..gif”> The histogram chart gathers the data
from the frequency data that was obtained on listing price and creates a chart
with no gaps with a continuous nature of the data.Within the pie chart it
provides a better look at the list pricing..gif”> The quartiles, central tendencies
and measures of dispersion were fairly easy to find:.gif”>.gif”>.gif”> The data was then analyzed using
both the Chebyshev’s Theorem and the Empirical Rule to find which provided a
more accurate analysis..gif”>.gif”>By using Chebyshev’s
Theorem and Empirical Rule is more in detail and accurate than the raw data
explaining normal distribution. Chebyshev’s Theorem and Empirical Rule breaks
down to the percentage of the data collected. Chebyshev’s Theorem and Empirical
Rule also provides a descriptive statistics for the listings price and the
square feet. Using Chebyshev’s theorem it allows us to determine the minimum of
the value that is within a specified number of standard deviation of the mean
(Lind &Marchal, 2015). However, using the Empirical Rule, will allow the
mean to be more precise and explain the dispersion about the mean.ReferencesLind, D., &Marchal, W.
(2015). Statistical techniques in business & economics (16th
ed.). McGraw-Hill. 9780078020520Discover Your Perfect Home. (n.d.). Retrieved August
11, 2016, from
Atlanta GA Real Estate.Retrieved August 11, 2016,


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