Instruction to students: This is an individual assignment.
BE01106 BUSINESS STATISTICS Assignment
Presentation
- Your answers must be presented in task number order and be clearly labelled with the appropriate task number.
- Your assignment must be presented in Microsoft (MS) Word. Copy and paste any relevant Excel outputs to this document immediately before (above)any relevant written answers to each task.
- Your answers must be clear. You must highlight relevant items on any required Excel outputs and make reference to them in your written answers.
- Completed assignments are to be presented for correction on A4 paper, stapled in the top left hand corner.You are permitted to print on both sides of the paper. Colour printing is recommended for graphs/charts. If printed as grey scale, be mindful and creative to make the grey scales distinct shades.
- Do not submit the assignment with fancy bindings, folders or plastic envelopes.
- Do not include the assignment questionsn or the population property data with your submitted assignment.
Introduction
The Assignment Data(PopulationPropertyData.xls) file, which you can access from the Assessment Information page on the unit website contains, in the range A1:I401, real estate sales data for a population of 400 properties around Melbourne in a particular week. You are required to select a random sample of 50 properties from this population. The variables in the data set are as follows:
V1 = Region where property is located (1 = North, 2 = West, 3 = East, 4 = Central)
V2 = Property type (0 = Unit, 1 = House)
V3 = Sale result (1 = Sold at auction, 2 = Passed-in, 3 = Private sale, 4 = Sold before auction).
V4 = Building type (1 = Brick, 2 = Brick veneer, 3 = Weatherboard, 4 = Vacant land)
V5 = Number of rooms
V6 = Land size (Square metres)
V7 = Sold Price ($000s)
V8 = Advertised Price ($000s)
Column A (PN), contains the property identification numbers from 001 to 400 properties.
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Question 1:
- Use results table to determine manually for this data, the upper and lower inner fence limits;
IFUL = Q3 + 1.5 x IQR (1.5 marks) and IFLL = Q1 – 1.5 x IQR (1.5 marks) - Based on the limits calculated in (b), choose from the numerical summary measures provided in the Descriptive Statistics table, and/or measures calculated previously in
(i) an appropriate measure of central tendency, and, (1 mark)
(ii) an appropriate measure of dispersion for your sample “Sold Price” data. (1 mark)
(iii)Provide a brief explanation of the reasoning behind your choice in both cases. (1 mark) (Total 10 marks)
Question 2: BE01106 BUSINESS STATISTICS Assignment-Victoria University Australia
Remember to show all working! Failure to do so will result in the loss of marks.
- From the Descriptive Statistics table obtained in previous task, identity three pieces of evidence that indicate whether your sample “Sold Price” data has been obtained from a normally distributed population or not. What is your conclusion? . ( 2 marks)
- Regardless of your conclusion in above, assume the “Sold Price” population data is normally distributed. Applying the Standard Normal tables, calculate how many “Sold Price” observations in your sample would expect to lie within 1.5 standard deviations of the mean (i.e. between z = –1.5 and z = +1.5). (4 marks)
- Use the mean and standard deviation from the previous Descriptive Statistics tableto calculate the bound for 1.5 standard deviation spread from the mean. Using the “Sold Price” sample data, manually count the number of observations fall within the bound. State whether this count matches, approximately, your answer to (b) and hence whether this result confirms (or not) your conclusion in (a). (4 marks) (Total 10 marks)
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