Estimating for Samples

Context

Throughout this course, you will research basic statistical concepts as well as how to perform descriptive statistics and how to interpret them. Managers make sense of data by using graphing techniques, and graph analyses are useful in making better business decisions. It is important to be able to demonstrate how managers transform data into useful information for making managerial decisions.

Questions to Consider

To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.SHOW MORE

Resources

Required Resources

This template will assist you in formatting and completing your assessment.

• Florida Pool Home Data.

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Assessment Instructions

Use the Florida Pool Home Data file, linked in the Resources under the Required Resources heading, to complete the calculations for the following scenario.You are also encouraged to use one of the statistical applications, such as SAS Enterprise Guide or the Microsoft Excel Analysis ToolPak, suggested in this course. Refer to the instructions in the Resources to activate or download the software.

Practical Application Scenario

Suppose you are a real estate agent living and working in southern Florida. The senior real estate partner of your firm e-mails you the Florida Pool Home Data file and asks you to find ways to use data to describe the most important aspects of home sales. The Florida Pool Home Data file contains the data for 80 properties, including each home’s price, size, number of bathrooms, and niceness rating and whether the home has a pool.

Directions

Use the scenario above and the Florida Pool Home Data file to complete the following:

1. Create a table in which you calculate the mean, median, range, and standard deviation of home price and size. Then, calculate the mode for the number of bathrooms. Label this table as “Mean, Median, Range, Standard Deviation, and Mode Results.”
2. 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). Label this histogram as “Home Price Range Histogram.”
3. Produce a scatter plot showing the relationship between price and home size. Under your scatter plot, indicate whether the relationship is positive or negative as well as whether the results are what you expected. Label this scatter plot as “Price and Size Scatter Plot.”
4. Write a report for the senior real estate partner that details your findings and recommendations about the most important aspects of home sales.

Additional Requirements

Compile all of your answers and your report in a single Microsoft Word file:

• Paste in the table and graphics you created to demonstrate your work.
• Clearly title your table and graphics, including each row and column. (For example, for the table in question 1, you might use the following labeling: Row 1, Column B contains the “Mean of Home Selling Prices”; Row 1, Column C contains the “Mean of Home Size in Square Feet”; and so on.)
• Highlight the results of your data calculations within each table or graphic.

Assessment 1 Example

VIEW EXAMPLE ASSESSMENTSee a successful example of this assessment.How to use example assessments

Descriptive Statistics Scoring Guide

VIEW SCORING GUIDEUse the scoring guide to enhance your learning.How to use the scoring guide