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Bernardis_ MAT 240 Project Two.docx - Regional vs. National...

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Regional vs. National Housing Price Comparison Report1Report: Regional vs. National Housing Price ComparisonBernardis CarmenSouthern New Hampshire University
Regional vs. National Housing Price Comparison Report2IntroductionMy job is to complete a report for the regional sales director of a real estate company todetermine if housing prices and housing square footage in the South Atlantic region are differentfrom the national market. Moreover, since analyzing all the data for the listing price, and squarefootage of the South Atlantic region would require too much time, to complete our data analysiswe selected a sample. Samples are a smaller set of data selected from a larger populationthroughout a pre-defined selection method, which, in this case, is random. Samples helpresearchers study the population. Furthermore, our analysis considers the mean listing price ofthe South Atlantic region, and the mean housing square footage, in the end, we want to comparethese two means to the corresponding means of the national market to understand theircorrelation.To create my sample from theData Set:House Listing Price by Region, I first selected thesheet containing the data for the South Atlantic region. Thereafter, to create a random sample of500 observations for the region I created a random column in my excel sheet and used therandom function of excel to give a random number to each datum. Afterwards, I selected theentire data set and sorted it by the random column. Finally, I copied the first 500 data into a newsheet.Here is the Excel sheet with a random Sample of 500 houses.The data set highlights forevery datum the state, country and region of each house, its listing price, its cost per square footand the square footage.We used the data from our sample to answer two hypothesis tests.Hypothesis testinginvolving a one-sample test determines whether an observed value differs statistically from ahypothesized population value (Zy Books).First, we want to understand if the mean listing priceof the South Atlantic region is lower - Left-Tail Hypotheses Test -than the mean listing price for
Regional vs. National Housing Price Comparison Report3the national market. In this case, the population parameter is the mean listing price for houses inthe national market, we are going to compare this datum with the mean for the south Atlanticregion listing price. Second, we want to understand if the mean square footage for houses in theSouth Atlantic is different - 2-Tail Hypotheses - from the national market average. In this case,the population parameter is the mean house square footage in the national market. We willcompare this datum with the mean for the south Atlantic region square footage.In both cases, we are going to determine the test statistic, which is a value calculated fromsample data that measures the degree of agreement between the sample statistic and theparameter asserted in the null hypothesis (Zy books). Afterwards, we are going to use the teststatistic to determine the p-values, which will allow us to reject or fail to reject the nullhypothesis. Finally, we need to look at the confidence level to determine the probability withwhich the estimate of the location of the sample means is also valid for the population.

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Term
Spring
Professor
camara
Tags
Statistics, Normal Distribution, Standard Deviation, Statistical hypothesis testing

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