Sampling and Statistical Inference - Case Study Example

Sampling and Statistical Inference Sampling and Statistical Inference Introduction Gulf Real E Properties entails a firm that deals with advertising of its business in the real estate market, located in Florida. It monitors the condominium sales for the market through the collection of the data regarding the listing price, the sale price and the period (in days) that is taken to sell a single unit. The condominiums are classified into two categories that depend on their locations. For instance, there are the condominiums that are located directly in the Gulf of Mexico is termed to be Gulf View, otherwise it is termed to be No Gulf. Two samples for these condominiums are taken for study and sample sizes of 40 and 18 respectively are subjected to study. The study embraces their descriptive statistics and a comparison qualitative statistics that is helpful for the Condominium agents and house owners can determine purchasing of these units. The results also compare the price behavior from the data analysis that serves as a good tool for forecasting. Therefore, the paper presents the descriptive statistics for both samples’ prices and periods and analysis based on the results that help the condominium agents and potential buyers make their decisions. Main findings Descriptive statistics for the 40 Gulf View Condominiums   List Price Sale Price Days to Sell count 40 40 40 mean 537.08 515.798 148.65 sample standard deviation 227.96 219.875 84.71 sample variance 51,967.30 48,344.962 7,175.67 minimum 161 150.9 19 maximum 996 948.7 275 range 835 797.8 256 standard error of the mean 36.04 34.765 13.39 confidence interval 95.% lower 464.17 445.478 121.56 confidence interval 95.% upper 609.98 586.117 175.74 half-width 72.91 70.319 27.09 skewness 0.33 0.349 -0.08 kurtosis -0.77 -0.756 -1.46 coefficient of variation (CV) 42.45% 42.63% 56.99% 1st quartile 362.50 352.400 73.50 median 504.50 482.200 149.00 3rd quartile 682.75 647.275 220.75 interquartile range 320.25 294.875 147.25 mode #N/A #N/A 96.00 low extremes 0 0 0 low outliers 0 0 0 high outliers 0 0 0 high extremes 0 0 0 Analysis Report From the above results, the Gulf View Condos’ List Price mean was revealed to be $ 537.08. This indicates that for all the Condos directly to the Gulf of Mexico have a mean List Price of $ 537.08 holding assuming a normal distribution. The Range is indicated to be $ 835, with a median of $ 504.5 and a standard deviation of $ 227.96. The Minimum and maximum List prices for the Gulf View Condos have $ 161 and $ 996 respectively. Additionally, the List Price has a Skewness and kurtosis of 0.33 and – 0.77 respectively indicating that the data is normally distributed because they fall within the conventional rule of thumb of -2 < x < +2 and -3 Read More