Finance assignment – producing and interpreting descriptive statistics

For this practical application assignment, assume that you are a real estate agent living and working in southern Florida. The senior real estate partner of your firm e-mails you the Florida Pool Home Data document (provided in the Resources) and asks you to find ways to describe the most important aspects of the home sale data (which is why they call this technique descriptive statistics). The file contains data for 80 properties, including home price, home size, number of bathrooms, niceness rating, and pool (and is used as an example on pages 144–145 of yourMBA6018 – Data Analysis for Business Decisions custom textbook). Be sure that you have read Appendix 2.1, pages 80–87, in your textbook, which provides instruction on how to construct a frequency distribution, histogram, and scatterplot in Excel. Compute the following data parameters:

  1. Calculate the mean, median, range, and standard deviation of home price and size. You can cut and paste the answers from the Analysis Toolpack, or you can place your results in the same Excel sheet as the data, below the existing table. Be sure to label each of your data calculations. (For example: Row 84 Column B should contain the Mean of Home Selling Prices, Column C the Mean of Home Size in Square Feet, Row 85 Column B should contain the Home Median price, and so on. Highlight all your results in yellow.)
  2. Calculate the mode for the number of bathrooms. (You can cut and paste the answers from the Analysis Toolpack, or you can use Row 88 Column D for this parameter. Do not forget to title Column A Row 88–Mode.Highlight your results in yellow.)
  3. Produce a histogram that shows the number of houses by price range, in increments of $50,000 (for example, $0–$50,000, $50,001–$100,000, and so on). Use a separate Excel sheet to do this and label that sheet “Home Price Range Histogram.”
  4. Produce a scatter plot showing the relationship between price and home size. In a cell under your scatterplot, indicate whether the relationship is positive or negative and whether the results are what you expect. Use a separate Excel sheet to do this and label the sheet “Scatterplot.”
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