STA 2023 - Kirby Santa Fe College Course Project

STA 2023 – Kirby Santa Fe College Course Project

Statistics in Action

Please type your work (recommended) or write your report on separate sheet of paper. Your project should present your data, answer all the required questions and provide any additional analysis or conclusions you think may be of use. There is no required word count, but it should be 2-3 pages possibly longer depending on your use of graphs and the level of detail in your analysis.

A Grading Rubric with the requirements to earn full points on the assignment and how your work will be evaluated is available on Canvas.

The data you will be using is found in the file prices.xlsx available on Canvas. It contains information on 412 cities, towns, and incorporated municipalities in the state of Florida. The data file contains two variables the first, Average Price, shows the average selling price of a single-family house in the municipality; the second, Average Income, shows the mean per capita income for the municipality. This project will focus primarily on studying the Average Price variable in depth; you will be using Average Income only as a second variable for comparison.

Be sure to include a Bibliography with any outside sources you cite. (APA or MLA citation is fine!)

Outline:

I. Research & Data Processing

A. Comment on any difficulties involved in analyzing and processing this volume of data.

B. Select a sample of data for analysis. Be sure to use an appropriate randomization method (for example, SRS or systematic sampling). Select an appropriate sample size that is sufficiently large but manageable to work with.

a. EXPLAIN the method you used for selecting your sample

b. LIST the values you selected in a table. (both variables)

C. Examine the distribution of your sample data.

a. INCLUDE at least a histogram showing the distribution of the Average Price variable, and any other graphs you may find helpful.

b. COMMENT on the type of distribution of the Average Price variable and its general shape.

D. Find the MEAN, STANDARD DEVIATION and FIVE-NUMBER SUMMARY for your sample data. Comment on shape, outliers and which numbers are a better summary in this case.

E. Compare your two variables, and run a regression with Average Price as the dependent variable, and Average Income as the independent variable.

a. Create a SCATTERPLOT of the two variables (include your graph if possible if you graph it on your calculator you are not required to include your graph)

b. Perform a LINEAR REGRESSION, and give the REGRESSION EQUATION, CORRELATION COEFFICIENT and R-SQUARED, and interpret the R-SQUARED.

c. COMMENT on whether your regression is valuable.

II. Data Analysis & Hypothesis Testing

A. Head to the library, Google, or your online research tool of choice and find a primary source with information on the average home price in the United States.

a. Be sure to CITE YOUR SOURCE properly!

b. Include a reference to your source in your report as well as the data value.

B. Produce the appropriate Confidence Interval for the mean of your sample data.

a. Establish an appropriate LEVEL OF CONFIDENCE and be sure to state what it is.

b. CALCULATE a confidence interval from your sample data.

c. COMMENT on whether your primary source data for the average value is within your confidence interval, and what that may imply.

C. Using your primary source, perform the appropriate hypothesis test to compare the results from the sample you found, to the reference value you calculated

a. Clearly state the appropriate NULL HYPOTHESIS, as well as the ALTERNATE HYPOTHESIS you will be testing.

b. TEST your hypothesis, and compare the p-value you compute to the level of confidence you established in Part B.

c. DETERMINE based on the results of your hypothesis test whether you will accept or reject the null hypothesis.

III. Conclusions

A. COMMENT on the results of your hypothesis test, and on what conclusions you can draw based on those results.

B. EVALUATE the procedure and methodology used in this research process, including any issues you encountered or noteworthy observations you may have noticed.

C. SUGGEST any improvements or direction for future research, or any alternate tests you may wish to do to examine your data.

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