Descriptive Statistics

Topics: Real estate, Data, Statistics Pages: 3 (937 words) Published: March 18, 2013
Descriptive Statistics
An investigation of a Real Estate Data Set, issued by University of Phoenix Research class 341 has taken place. The assignment is a team responsibility to research any problems, issues, or opportunities the Real Estate industry may have and explain why the data is important. The team will apply descriptive statistics on the collected data and draw conclusions based on the findings. Using descriptive statistics, the data analysis will calculate the measures of central tendency, dispersion, and skew for the data. A deliberation of the descriptive statistical data will display information in graphic and tabular form, along with an application of frequency distribution and histogram. Based on the skew value and histogram, an analysis of the best measures of central tendency and dispersion of the data will justify the team selection. The Population

The Real Estate Data Set indicates 105 houses were sold; however, certain houses sold faster than others. The data set information assists with price, size, and number of bedrooms, the number of bathrooms, garage size, and the distance from the center of the city in miles. The information is important for Real Estate Brokers and Agents to determine what homes are more likely to sell on the market. According to U.S. Department of Labor (Used June 28, 2011), “Real estate brokers and sales agents have a thorough knowledge of the real estate market in their communities. They know which neighborhoods will best fit clients' needs and budgets.” A listing agent can use the information to determine the ratio of one home that would sell over the other.

Problem Definition
According to the real estate data set, the houses 10 miles or more away from the city appear to be less expensive and more spacious for the market value. Some houses are large in square foot with fewer bedrooms and others are large in square foot with more bedrooms. This leaves the broker to do some further research for answers...
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