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## Week 2 One-Sample Hypothesis Team Paper (Real Estate) Teacher's Comments

by: smartwriter Notetaker

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# Week 2 One-Sample Hypothesis Team Paper (Real Estate) Teacher's Comments

Marketplace > Week 2 One Sample Hypothesis Team Paper Real Estate Teacher s Comments
smartwriter Notetaker
CSU - Dominguez hills
GPA 3.0

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Week 2 One-Sample Hypothesis Team Paper (Real Estate) Teacher's Comments
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Date Created: 11/15/15
Real Estate Hypothesis Testing  1 Real Estate Hypothesis Testing Learning Team B RES342 Research and Evaluation II Date Teacher Real Estate Hypothesis Testing  2 Real Estate In 2011, real estate agents are facing challenges when providing potential sellers with accurate  comparative market analysis that highlights information regarding the suggested sales price of the seller’s home.  Today’s real estate market is competitively priced due to the recent changes in United States  economy.  Team B will evaluate the range of the true mean sales price of homes based on the sales  pricing of homes in the sample data.  The team will begin the research by stating the purpose and  performing a five­step hypothesis test based on the mean sales price of homes listed in the data sample.   The five­step hypothesis process will consist of stating the hypothesis, stating the decision rule,  calculating the expected frequencies, calculating the test statistic, and making the decision.           Learning Team B will attempt to evaluate the range of the true mean sales price of homes based  on the sales pricing of a sample of 105 homes.  Furthermore, the team will hypothesize that the actual  mean sales price of homes is greater than \$220,000.  The mean sales price in the sample population is  \$221,103. Statement of Hypothesis Learning Team B is using a hypothesis test of one mean with the true population mean being  hypothesized as \$220,000 and comparing it against the sample mean of \$221,103.  The null hypothesis:   The true mean sales price of homes that are sold is not greater than \$220,000.   The alternate hypothesis is that the true mean sales price of homes is greater than \$220,000. The null hypothesis states that H(0): μ < = \$220  the alternate hypothesis states that H(1): μ > \$220. Decision Rule The decision rule is: Reject the null if z>1.645, or fail to reject the null and accept the alternate hypothesis if z<1.645    Real Estate Hypothesis Testing  3  To achieve the desired results, Learning Team B will use the five­step hypothesis test: Step 1: State the null hypothesis and the alternate hypothesis.  The null hypothesis states that  H(0): μ < = \$220  the alternate hypothesis states that H(1): μ > \$220 Step 2: The level of significance is .05 Step 3: Because the sample is large we can use the z distribution as the test statistic Step 4: H0 is rejected if z> 1.65 or if p<.05 Step 5: Make a decision and interpret the results Hypothesis Test: Mean vs. Hypothesized Value           220.0000    Hypothesized value    221.1029    Mean Price     47.1054     Standard deviation       4.5970      Standard Error       105       n       0.24     z       .4052    p­value (one­tailed, upper)  212.0929    confidence interval 95.% lower  230.1128    confidence interval 95.% upper   9.0100     margin of error   As a result, Z<1.65 and p>.05; therefore,  0 is accepHed . Where: Test statistic: Real Estate Hypothesis Testing  4 The test statistic is not greater than 1.645: 0.24 Rejection  We can’  reject the null hypothesis, and we can stay that the mean price is greater than 220,000 dollars. Descriptive statistis   Price  Count 105  Mean 221.103  Sample  variance 2,218.919  Sample  standard  deviation 47.105  Real Estate Hypothesis Testing  5 Minimum 125  Maximum 345.3  Range 220.3  Sum 23,215.800  Sum of  squares 5,363,847.300 Deviation  sum of  squares  (SSX) 230,767.589  Population  variance 2,197.787  Population  standard      deviation 46.881  Standard  error of the  mean 4.597  Confidence  interval  95.%     lower 211.987  Confidence  interval  95.%     upper 230.219  Half­width 9.116  Empirical  rule    Mean ­ 1s 173.997     Mean + 1s 268.208    Percent in  interval  (68.26%) 67.6%    Mean ­ 2s 126.892     Mean + 2s 315.314     Percent in  interval  (95.44%) 95.2%    Mean ­ 3s 79.787     Mean + 3s 362.419     Percent in  interval  (99.73%) 100.0% Real Estate Hypothesis Testing  6 Tolerance  interval  99.73%  Lower 79.787  Tolerance  interval  99.73%  Upper 362.419     Half­width 141.316  Skewness 0.474  Kurtosis ­0.277  Coefficient     of     variation     (CV) 21.30% 1st Quartile 187.000  Median 213.600  3rd quartile 251.400  Interquartile Range 64.400  Mode 188.300  Low  Extremes 0  Low outliers 0  High    Outliers 0  High     Extremes 0  Suggested     Interval    width 20  Normal  Curve GOF p­value .0718  Chi­square   (df=5) 10.12  E 13.13  O(­1.15) 9  O(­0.67) 23  O(­0.32) 12  O(+0.00) 14  O(+0.32) 10  Real Estate Hypothesis Testing  7 O(+0.67) 12  O(+1.15) 11  O(inf.) 14  Stem and Leaf plot for Price  stem unit = 100 leaf unit = 10 Frequency Stem  Leaf 42 1   2 2 3 4 5 5 6 6 6 7 7 7 7 7 7 7 7 7 7 7 7 7 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 56 2   0 0 0 0 0 0 0 0 0 0 1 1 1 1 2 2 2 2 2 2 2 2 2 3 3 3 3 3 4 4 4 4 4 4 4 4 5 5 5 5 5 6 6 6 6 6 7 7 7 8 8 9 9 9 9 9 7 3   0 1 1 1 2 2 4 105   Real Estate Hypothesis Testing  8 Conclusion B y analyzing the provided real estate data set, Team B has arrived at a conclusion that will assist sellers  with current market data regarding the suggested sales price of their homes. The stated hypothesis  question Team B proposed was to determine if based on the sample mean of the 105 home data set, the  true mean sales price of homes sold the greater than \$220,000. Furthermore, Team B proceeded by  applying the 5 step hypothesis testing process which included; (1) stating the null hypothesis (H0: μ < =  \$220) and the alternate hypothesis (H 1 μ > \$220), (2) selecting a level of significance of 0.05, (3)  calculating and selecting the test statistic of 0.024, (4) formulating a decision rule that specifies rejecting  the null hypothesis if z > 1.645, and (5) making a decision and interpret the result. The results, according  to the Team B research indicates  z < 1.65 and p > 0.05 therefore the final conclusion is H0  the null  hypothesis is accepted which says that the true mean of homes is not greater than \$220,000.              Content and Organization  Percent  Comments: 70 Percent Earned: X/4.2 Learning Team Papers    4.1  All of the items were addressed  All key elements of the assignment are covered in a  as required.   substantive way as noted in the syllabus. Real Estate Hypothesis Testing  9 The content is comprehensive, accurate, and/or  persuasive. The paper develops a central theme or idea, directed  toward the appropriate audience. The paper links theory to relevant examples of current  experience and industry practice and uses the  vocabulary of the theory correctly. Major points are stated clearly; are supported by  specific details, examples, or analysis; and are  The process is  organized logically.  fine and the  The introduction provides sufficient background on the outcome  topic and previews major points. appropriate.   Should include  The conclusion is logical, flows from the body of the  paper, and reviews the major points. a course  material citation   in the body of  the paper to  Readability and Style   Percent  Comments:   15 Percent Earned X / 0.9    0.89  Good job on  the construction Paragraph transitions are present and logical and  of the paper;  maintain the flow throughout the paper. however, avoid  The tone is appropriate to the content and assignment.  contractions Sentences are complete, clear, and concise. Sentences are well­constructed, with consistently  strong, varied sentences. Sentence transitions are present and maintain the flow  of thought.   Mechanics  Percent  Comments:   15 Percent Earned X / 0.9 Real Estate Hypothesis Testing  10    0.85  All items were  addressed  The paper, including the title page, reference page,  except as noted  tables, and appendices, follow University of Phoenix  above. incremental formatting guidelines. Citations of original works within the body of the  paper follow University of Phoenix incremental  formatting guidelines. The paper is laid out with effective use of headings,  font styles, and white space. Rules of grammar, usage, and punctuation are  followed. Spelling is correct.   Total  Points Earned Additional  Comments: 6 Points XX/6 5.84 A good job overall team.  There is a comprehension  of the process and the use of MegaStat demonstrates  an understanding.  Consider how this one­sample  test of hypothesis may be used in real­life situations.

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