BUSINESS STATISTICS ASSIGNMENT
Scenario
You have been hired by the Regional Real Estate Company to help them analyze real estate data. One of the company’s Pacific region salespeople just returned to the office with a newly designed advertisement. It states that the average cost per square foot of his home sales is above the average cost per square foot in the Pacific region. He wants you to make sure he can make that statement before approving the use of the advertisement. The average cost per square foot of his home sales is $275. In order to test his claim, you collect a sample of 1,001 home sales for the Pacific region.
Prompt
Design a hypothesis test and interpret the results using significance level α = .05.
Use the House Listing Price by Regiondocument to help support your work on this assignment. You may also use the Descriptive in Excel and Creating Histograms in Excel tutorials for support.
Specifically, you must address the following rubric criteria, using the Module Five Assignment Template.
Requirements: Template
[Note: To complete this template, replace the bracketed text with your own content. Remove this note before you submit your outline.]
Hypothesis Testing for Regional Real Estate Company
[Your Name]
Southern New Hampshire University
Introduction
[Include in this section a brief overview, including the purpose of this analysis.]
Setup
[Define your population parameter.]
[Write the null and alternative hypotheses. Note: Remember, the salesperson believes that his sales are higher.]
[Specify the name of the test you will use and identify whether it is a left-tailed, right-tailed, or two-tailed test.]
Data Analysis Preparations
[Describe the sample.]
[Provide the descriptive statistics of the sample.]
[Provide a histogram of the sample.]
[Specify whether the assumptions or conditions to perform your identified test have been met.]
[Identify the appropriate test statistic, then calculate the test statistic and identify your significance level.]
Calculations
[Calculate the p value using one of the following tests:
=T.DIST.RT([test statistic], [degree of freedom])
=T.DIST([test statistic], [degree of freedom], 1)
=T.DIST.2T([test statistic], [degree of freedom])
Note: For right-tailed, use the T.DIST.RT function in Excel, left-tailed is the T.DIST function, and two-tailed is the T.DIST.2T function. The degree of freedom is calculated by subtracting 1 from your sample size.]
[Use the normal curve graph as a reference to describe where the p value and test statistic would be placed.]
Test Decision
[Discuss how the p value relates to the significance level.]
[Compare the p value and significance level, and make a decision to reject or fail to reject the null hypothesis.]
Conclusion
[Explain in one paragraph how your test decision relates to your hypothesis and whether your conclusions are statistically significant.]
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