Applied Business Probability and Statistics

C​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​onduct descriptive statistical analysis and introduction to inferential statistics. Reference the "SYM-506 North Valley Real Estate Case Study Variables” resource, which defines the variables, and the “SYM-506 North Valley Real Estate Case Study Data Set” Excel spreadsheet. Utilize the statistical analysis methods and concepts you have learned thus far in the course to address the following questions in an Excel spreadsheet and a Word document. Additionally, summarize your findings from each exercise in a brief summary. You will submit both the Excel spreadsheet with your analysis and the Word document with your summaries. Exercise 1: Describing Data – Mean, Median, Range, and Standard Deviation Analyze the following utilizing the Descriptive Statics in Excel with the Data Analysis ToolPak. Refer to "Use the Analysis ToolPak to Perform Complex Data Analysis," located in the the topic Resources, for help with integrating the ToolPak in Excel. Briefly summarize your findings in a paragraph. (a) Analyze the mean and median Price (market price in dollars) of the data. Discuss around what values do the data te​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​nd to cluster. Discuss whether one measure is more representative of the typical Price (market price in dollars) than the others. (b) Analyze the range of the Price (market price in dollars) and determine the standard deviation. Discuss which two values that 95% of the Price (market price in dollars) fall between. Discuss whether the standard deviation is a useful statistic for describing the dispersion of the Price (market price in dollars ). Exercise 2: Describing Data – Box and Whisker and Scatter Charts Analyze the following using box and whisker charts and scatter charts in Excel. Briefly summarize your findings in a paragraph. (a) Compute the minimum, maximum, median, as well as the first and third quartiles for the Price (market price in dollars). Create a box and whisker chart and comment on the distribution of the Price (market price in dollars). (b) Develop a scatter chart with the Price (Market price in dollars) on the vertical axis and the Size (livable square feet of the property) of the home on the horizontal axis. Discuss whether there is a relationship between the variables and whether that relationship is direct o​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​r indirect.