Richmond Housing Market
Surveys and Sampling
A. Identify the population and variables.
Population is the whole group of Richmond buyers interested to buy a house. Variables are: location, price, bedrooms, bathrooms, sq.ft, and realtor
B. Identify variables as categorical or quantitative.
* Location is categorical variable
* Price is quantitative variable
* Bedrooms are quantitative variable
* Baths are quantitative variable
* Sq.Ft is quantitative variable
* Realtor is categorical variable
C. What are some possible population parameters of interest? The parameter in this case is the 182 listing in Richmond, some other options to be considered are: average house price ($310,381), house size, how many bedrooms and bathrooms, location of the house, who is it listed by and the city zone.
D. What are some possible sample statistics that could be calculated from this data? It is not necessary to calculate the statistics, just identify them. Average price for houses based on the county location, average household income, preferable characteristic and taste of the house buyers
E. What is the sampling frame for the sample?
The sampling frame is randomly selected from the single-dwelling properties for sale in the Greater Richmond area shown on the website realestate.aol.com.
F. What is the sampling design?
Systematic Random sampling (SRS)
G. Are there any sources of bias in the sample?
Yes – based on the data we have the direction of the bias source is over charged.
H. If we had decided to use a Stratified Sampling design, what would be appropriate strata?
We can collect the sample by the process of dividing houses of the population in Richmond area into homogeneous subgroups before sampling then select a random selection within each stratum then combine the result.
I. Are there other factors not shown in the data set that may affect the price of a house?
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