ECON 940 Statistics for Decision Making
Case Assignment Analysis Report  An Individual Assignment
An Australian real estate investment trust that owns and operates incomeproducing residential real estate in Sydney area is now keen to expand its presence in Sydney CBD and also create a further diversified property portfolio. The company has collected data for 190 potential investment properties on Sydney market (the data is on an excel file named “REALESTATE”). Assume you work for this company as an Analyst and have been asked to do a preliminary study of the real estate market. You can now use this data to study the main characteristics of these potential investment properties so the company will be in a better position to decide about investing in new property types and achieving its strategic objectives. You were given specific instructions to carry out descriptive and prescriptive analytics based on the type of the property.
The data file lists the following information:
First Column: PRICE (Price of the property in Australian dollars).
Second Column: TYPE (Type of the property: 1 for House, 2 for Unit).
Third Column: PROXIMITY (Proximity to the CBD: 1 for “up to 5KM”, and 2 for “Between 5KM and 10KM”).
Forth Column: BEDROOM (number of bedrooms: 1 for one bedroom, 2 for two bedrooms, 3 for three bedrooms and above).
Fifth Column: BATHROOM (number of bathrooms: 1 for one bathroom, 2 for two bathrooms, 3 for three bathrooms and above).
See next pages for more information.
PART 1
Calculate the Mean, Median, Standard Deviation, Coefficient of Variation and 95% population mean confidence intervals for property prices of Houses based on the following grouping:
 Proximity of the property to CBD
Note: Calculate above statistics for both “Up to 5KM” and “Between 5KM and 10KM”
 Number of bedrooms
Note: Calculate above statistics for “One bedroom”, “Two bedrooms” and “Three bedrooms or more”
 Number of bathrooms
Note: Calculate above statistics for “One bathroom”, “Two bathrooms”, “Three bathrooms or more”)
Note: In total, you need to show your results for 8 different categories. Provide all results in one table (see a sample table at the end of this document).
What conclusions can you draw from these analyses? Write a conclusion for this part. Also comment on the shape of distributions.
PART 2
Calculate the Mean, Median, Standard Deviation, Coefficient of Variation and 95% population mean confidence intervals for property prices of Units based on the following grouping:
 Proximity of the property to CBD
Note: Calculate above statistics for both “Up to 5KM” and “Between 5KM and 10KM”
 Number of bedrooms
Note: Calculate above statistics for “One bedroom”, “Two bedrooms” and “Three bedrooms or more”
 Number of bathrooms
Note: Calculate above statistics for “One bathroom”, “Two bathrooms”, “Three bathrooms or more”)
Note: In total, you need to show your results for 8 different categories. Provide all results in one table.
What conclusions can you draw from these analyses? Write a conclusion for this part. Also comment on the shape of distributions.
PART 3
Answer the following hypothesis testing questions:
 Determine if average prices of units “within 5KM of the CBD” exceed average prices of units “located within 5 to 10KM from the CBD”.
 Determine if average prices for House within 5 to 10KM of the CBD exceeds the average price of Unit within 5KM of the CBD.
 Determine if average prices for “Houses with three bed rooms within 5 to 10KM of the CBD” exceeds the average price of “Units within 5KM of the CBD”.
 Test the difference between population means of houses of the following groups: prices for “One bedroom”, “Two bedrooms” and “Three bedrooms (or more)” properties.
 Test the difference between population means of units of the following groups: prices for “One bathroom”, “Two bathrooms”, “Three bathrooms (or more)” properties.
Write a conclusion for each part.
In addition, write an overall conclusion which combines all of the above parts (Parts 13).
Be clear in the conclusion that you draw from your analysis, and provide useful suggestions to the company’s CEO. Conclusions must be based on the findings of your analysis only.
Notes:
 You must follow the hypothesis testing steps to test the above hypotheses.
 You must clearly specify all population parameters and the chosen test procedures.
 Use 05 level of significance in your analyses and assume that we have normal distributions and unequal variances of populations.
 Use and interpret Excel to conduct hypothesis testing.
 Each part requires an Excel output. The statistical output must be provided.
 Prepare and produce a Business Report based on the information provided in the “Guide for assignment”.
 You report can be maximum3000 words, penalties will be applied if the report is longer than this.
 Your assignment must be submitted online through the link provided on the Moodle site.
 No assignment will be accepted after the deadline.
IMPORTANT:
 It is compulsory for all students to submit their assignments (only final versions) to Turnitin via Moodle. An 'originality report' will automatically be sent to the Lecturer. No assignment will be accepted by Turnitin after the deadline.
Table 1, Summary Statistics for House Prices
Category 
Mean 
Median 
Stan. Dev. 
Coeff. of Var. 
C.I. Lower Limit 
C.I. Upper Limit 
Skewness 

PROXIMITY 
Up to 5KM 

Between 5KM and 10KM 

BEDROOM 
One 

Two 

Three 

BATHROOM 
One 

Two 

Three 
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