Expert answer:Estimating for Samples

Expert answer:Use a provided data file to create a summary table, a histogram, and a scatter plot in response to a given scenario. Write a brief report that details your findings and recommendations.Note: The assessments in this course build upon each other, so you are strongly encouraged to complete them in sequence.SHOW MOREToggle DrawerContextThroughout 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.Toggle DrawerQuestions to ConsiderTo 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 MOREToggle DrawerResourcesRequired ResourcesThis template will assist you in formatting and completing your assessment.Florida Pool Home Data.SHOW MOREAssessment InstructionsUse 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 ScenarioSuppose 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.DirectionsUse the scenario above and the Florida Pool Home Data file to complete the following: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.”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.”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.”Write a report for the senior real estate partner that details your findings and recommendations about the most important aspects of home sales.Additional RequirementsCompile 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 ExampleVIEW EXAMPLE ASSESSMENTSee a successful example of this assessment.How to use example assessments
Descriptive Statistics Scoring GuideVIEW SCORING GUIDEUse the scoring guide to enhance your learning.How to use the scoring guide
cf_area_gas_prices_random_sample__1_.xls

Unformatted Attachment Preview

Area Gas Prices – Random Sample
Minneapolis
Price of
Regular
Unleaded
Station
1
$3,24
2
$3,03
3
$3,63
4
$3,58
5
$2,94
6
$3,68
7
$3,14
8
$3,36
9
$3,40
10
$3,20
11
$2,85
12
$3,80
13
$3,31
14
$3,78
15
$3,43
16
$3,27
17
$3,18
18
$3,48
19
$3,00
20
$3,36
21
$3,52
22
$3,26
23
$3,04
24
$3,17
25
$3,26
26
$3,27
27
$3,30
28
$3,51
29
$3,80
30
$3,05
31
$3,56
32
$3,53
33
$2,96
34
$3,57
35
$3,58
End of worksheet
Station
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
St. Paul Price
of Regular
Unleaded
$3,05
$2,89
$3,84
$3,50
$2,78
$3,51
$3,33
$3,31
$3,20
$3,15
$2,75
$3,79
$3,10
$3,92
$3,31
$3,45
$3,17
$3,44
$2,93
$3,21
$3,37
$3,08
$3,04
$3,24
$3,17
$3,36
$3,25
$3,62
$3,88
$3,02
$3,68
$3,29
$2,81
$3,43
$3,44
…
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