A. Histogram: For your two variables, create histograms.
B. Summary statistics: For your two variables, create a table to show the mean, median, and standard deviation.
C. Interpret the graphs and statistics: a. Based on your graphs and sample statistics, interpret the center, spread, shape, and any unusual characteristic (outliers, gaps, etc.) for the two variables.
b. Compare and contrast the shape, center, spread, and any unusual characteristic for your sample of house sales with the national population. Is your sample representative of national housing market sales?
Develop Your Regression Model
A. Scatterplot: Provide a graph of the scatterplot of the data with a line of best fit. a. Explain if a regression model is appropriate to develop based on your scatterplot. B. Discuss associations: Based on the scatterplot, discuss the association (direction, strength, form) in the context of your model.
b. Identify any possible outliers or influential points and discuss their effect on the correlation. c. Discuss keeping or removing outlier data points and what impact your decision would have on your model.
C. Find r: Find the correlation coefficient (r). a. Explain how the r value you calculated supports what you noticed in your scatterplot.
Determine the Line of Best Fit. Clearly define your variables. Find and interpret the regression equation. Assess the strength of the model.
A. Regression equation: Write the regression equation (i.e., line of best fit) and clearly define your variables.
B. Interpret regression equation: Interpret the slope and intercept in context.
C. Strength of the equation: Provide and interpret R-squared. a. Determine the strength of the linear regression equation you developed.
D. Use regression equation to make predictions: Use your regression equation to predict how much you should list your home for based on the square footage of your home.
Conclusions
A. Summarize findings: In one paragraph, summarize your findings in clear and concise plain language for the CEO to understand. Summarize your results. a. Did you see the results you expected, or was anything different from your expectations or experiences? i.
What changes could support different results, or help to solve a different problem? ii. Provide at least one question that would be interesting for follow-up research.
What to Submit To complete this project, you must submit the following:
Project One Template: Use this template to structure your report, and submit the finished version as a Word document.
Supporting Materials The following resources may help support your work on the project:
Document: National Statistics and Graphs Use this data for input in your project report.
Spreadsheet: Real Estate County Data