Project #19461 - Stats

Housing Market Case Study Instructions

 

We want to predict the price of a house.  Determining the price of a house is useful for sellers and buyers. For a seller, what asking price should be listed? For a buyer, what is a fair price for a house they want to buy?

Use the independent variables of Square Feet, # of Bed Rooms, # of Baths, and Location. There must be at least 3 locations (3 levels for the location variable) for this nominal variable. Choose locations your client is interested in. Collect at least 30 rows of data from each location.

It is acceptable for this assignment to limit the price of the houses to less than 1 million dollars IF the typical house in your locations cost less than $1,000,000.

Collect the data from any web site or newspaper. Cite the source of the data, including the time and day the data was collected.  If using a web site print one page of the search results and include this in the appendix.

The more data we use the better. Instead of typing data into Minitab by hand you can try using the copy and paste functions will allow us to get a lot of data from a website. Copy data from a website into Excel and clean up empty rows or columns. Then copy the clean data into Minitab. Find websites that use a Table format to display the results.

For the Descriptive Statistics report the mean and standard deviation for the price of the houses for each of the 3 locations.

First use the STEPWISE technique (chapter 15) to determine which combination of Independent variables should be used to predict the price of a house. It might not be all independent variables are good predictors.

Second determine if this new regression equation is statistically significant. Is this new regression equation with the independent variables, chosen with the stepwise statistically significant? Use the multi-step hypothesis test for multiple regression equations for those variables selected above to test the equation.

The body of the report has 4 sections:
Problem Statement: Who, what, why...
Descriptive Statistics: See the Minitab menu for Descriptive Statistics
Result: Stepwise and hypothesis test results (Apply the hypothesis test to the final regression equation as suggested by the Stepwise results).
Conclusion: to summarize the above sections As always, review the syllabus for the report format.

Include appropriate Minitab output and the hypothesis test, with all steps completed, in the Appendix of the report. Do not include redundant or extraneous Minitab output.

Subject Mathematics
Due By (Pacific Time) 12/10/2013 10:00 pm
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