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25 Mar Please use template provided. You have been hired by the D. M. Pan National Real Estate Company to develop a model to predict

Posted at 01:22h in Mathematics / Statistics by

Please use template provided.

You have been hired by the D. M. Pan National Real Estate Company to develop a model to predict housing prices for homes sold in 2019. The CEO of D. M. Pan wants to use this information to help their real estate agents better determine the use of square footage as a benchmark for listing prices on homes. Your task is to provide a report predicting the housing prices based square footage. To complete this task, use the provided real estate data set for all U.S. home sales as well as national descriptive statistics and graphs provided.

Directions

Using the Project One Template located in the What to Submit section, generate a report including your tables and graphs to determine if the square footage of a house is a good indicator for what the listing price should be. Reference the National Statistics and Graphs document for national comparisons and the Real Estate Data spreadsheet (both found in the Supporting Materials section) for your statistical analysis.

Note: Present your data in a clearly labeled table and using clearly labeled graphs.

Specifically, include the following in your report:

Introduction

  1. Describe the report: Give a brief description of the purpose of your report.
    1. Define the question your report is trying to answer.
    2. Explain when using linear regression is most appropriate.
      1. When using linear regression, what would you expect the scatterplot to look like?
    3. Explain the difference between response and predictor variables in a linear regression to justify the selection of variables.

Data Collection

  1. Sampling the data: Select a random sample of 50 houses.
    1. Identify your response and predictor variables.
  2. Scatterplot: Create a scatterplot of your response and predictor variables to ensure they are appropriate for developing a linear model.

Data Analysis

  1. Histogram: For your two variables, create histograms.
  2. Summary statistics: For your two variables, create a table to show the mean, median, and standard deviation.
  3. Interpret the graphs and statistics:
    1. Based on your graphs and sample statistics, interpret the center, spread, shape, and any unusual characteristic (outliers, gaps, etc.) for the two variables.
    2. Compare and contrast the shape, center, spread, and any unusual characteristic for your sample of house sales with the national population. Is your sample representative of national housing market sales?

Develop Your Regression Model

  1. Scatterplot: Provide a graph of the scatterplot of the data with a line of best fit.
    1. Explain if a regression model is appropriate to develop based on your scatterplot.
  2. Discuss associations: Based on the scatterplot, discuss the association (direction, strength, form) in the context of your model.
    1. Identify any possible outliers or influential points and discuss their effect on the correlation.
    2. Discuss keeping or removing outlier data points and what impact your decision would have on your model.
  3. Find r: Find the correlation coefficient (r).
    1. Explain how the r value you calculated supports what you noticed in your scatterplot.

Determine the Line of Best Fit. Clearly define your variables. Find and interpret the regression equation. Assess the strength of the model.

  1. Regression equation: Write the regression equation (i.e., line of best fit) and clearly define your variables.
  2. Interpret regression equation: Interpret the slope and intercept in context.
  3. Strength of the equation: Provide and interpret R-squared.
    1. Determine the strength of the linear regression equation you developed.
  4. Use regression equation to make predictions: Use your regression equation to predict how much you should list your home for based on the square footage of your home.

Conclusions

  1. Summarize findings: In one paragraph, summarize your findings in clear and concise plain language for the CEO to understand. Summarize your results.
    1. Did you see the results you expected, or was anything different from your expectations or experiences?
      1. What changes could support different results, or help to solve a different problem?
      2. Provide at least one question that would be interesting for follow-up research.

You can use the following tutorial that is specifically about this assignment. Make sure to check the assignment prompt for specific numbers used for national statistics. The videos may use different national statistics. You should use the national statistics posted with this assignment.

Median Housing Price Model for D. M. Pan National Real Estate Company 3

[Note: To complete this template, replace the bracketed text with your own content. Remove this note before you submit your outline.]

Report: Housing Price Prediction Model for D. M. Pan National Real Estate Company

[Your Name]

Median Housing Price Prediction Model for D. M. Pan National Real Estate Company 1

Southern New Hampshire University

Introduction

[Describe the report: Include in this section a brief overview, including the purpose of the report and your approach.]

Data Collection

[Sampling the data: Outline how you obtained your sample data, including the response and predictor variables.]

[Scatterplot: Insert a correctly labeled scatterplot of your chosen variables.]

Data Analysis

[Histogram: Insert the histogram of the two variables. Be sure to include appropriate labels.]

[Summary statistics: Insert a table to show the summary statistics.]

[Interpret the graphs and statistics: Describe the shape, center, spread, and any unusual characteristic (outliers, gaps, etc.) and what they mean based on your sample data and the graphs you created.]

[Explain how these characteristics of the sample data compare to the same characteristics of the national population. Also, determine whether your sample is representative of the national housing market sales.]

The Regression Model

[Scatterplot: Include the scatterplot graph of the sample with a line of best fit and the regression equation.]

[Based on your graph, explain whether a regression model can be developed for the data and how.]

[Discuss associations: Explain the associations in the scatterplot, including the direction, strength, form in the context of your model.]

[Find r: Calculate the correlation coefficient and explain how it aligns with your interpretation of the data from the scatterplot.]

The Line of Best Fit

[Regression equation: Insert the regression equation.]

[Interpret regression equation: Interpret the slope and intercept in context.]

[Strength of the equation: Interpret the strength of the regression equation, R-squared.]

[Use regression equation to make predictions: Use the regression equation to make a sample prediction.]

Conclusions

[Summarize findings: Summarize your findings in clear and concise plain language. Outline any questions arising from the study that might be interesting for follow-up research.]

,

project 1 data

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Real Estate County Data for 2019
2019 Data (n=1000)
Region State County listing price $'s per square foot square feet
East North Central in grant 219,500 $116 1,898
East North Central il vermilion 254,500 $156 1,632
East North Central in henry 235,000 $148 1,588
East North Central in wayne 203,800 $141 1,441
East North Central il coles 220,800 $117 1,893
East North Central il macoupin 197,600 $111 1,783
East North Central in vigo 165,800 $122 1,362
East North Central oh jefferson 246,500 $136 1,814
East North Central il jackson 154,300 $105 1,463
East North Central oh marion 149,700 $116 1,296
East North Central mi bay 145,100 $117 1,239
East North Central il whiteside 283,700 $136 2,087
East North Central oh trumbull 243,000 $133 1,827
East North Central in madison 229,100 $187 1,224
East North Central il knox 205,100 $118 1,740
East North Central il stephenson 235,600 $140 1,682
East North Central il macon 212,900 $128 1,659
East North Central in delaware 221,600 $134 1,651
East North Central il henry 257,700 $123 2,087
East North Central oh seneca 211,900 $168 1,263
East North Central oh darke 160,800 $114 1,416
East North Central oh scioto 204,200 $131 1,562
East North Central oh belmont 172,500 $101 1,710
East North Central oh sandusky 253,900 $146 1,738
East North Central il rock island 166,300 $127 1,305
East North Central oh clark 240,500 $137 1,752
East North Central oh columbiana 241,400 $164 1,469
East North Central in howard 304,300 $152 1,996
East North Central oh richland 248,900 $132 1,880
East North Central il peoria 187,900 $131 1,434
East North Central il la salle 311,100 $154 2,015
East North Central il madison 254,500 $156 1,628
East North Central mi wayne 213,800 $172 1,243
East North Central in vanderburgh 214,100 $134 1,596
East North Central oh mahoning 207,500 $123 1,688
East North Central il williamson 171,600 $141 1,218
East North Central il winnebago 236,700 $140 1,692
East North Central il adams 266,100 $166 1,599
East North Central mi saginaw 171,800 $118 1,452
East North Central oh montgomery 225,300 $151 1,493
East North Central oh allen 227,600 $147 1,550
East North Central oh lucas 228,300 $115 1,978
East North Central oh ashtabula 177,000 $107 1,658
East North Central oh lawrence 248,300 $156 1,587
East North Central oh huron 199,700 $147 1,359
East North Central il tazewell 278,700 $165 1,693
East North Central oh summit 185,800 $101 1,847
East North Central il sangamon 213,500 $130 1,643
East North Central oh ashland 188,000 $151 1,246
East North Central oh tuscarawas 270,700 $149 1,815
East North Central oh ross 257,200 $127 2,018
East North Central mi shiawassee 192,400 $129 1,494
East North Central mi calhoun 266,200 $130 2,042
East North Central il kankakee 148,700 $115 1,293
East North Central in lawrence 270,600 $137 1,978
East North Central wi manitowoc 181,400 $140 1,294
East North Central il st. clair 201,400 $164 1,225
East North Central mi ingham 222,500 $125 1,777
East North Central il mclean 203,800 $134 1,526
East North Central mi jackson 139,200 $116 1,201
East North Central mi isabella 163,000 $125 1,307
East North Central wi wood 266,500 $144 1,853
East North Central mi montcalm 218,300 $105 2,081
East North Central wi grant 243,200 $121 2,014
East North Central oh cuyahoga 265,100 $136 1,947
East North Central oh stark 201,000 $163 1,230
East North Central oh athens 246,400 $158 1,560
East North Central wi milwaukee 184,900 $111 1,666
East North Central mi lenawee 191,500 $118 1,628
East North Central wi fond du lac 135,300 $103 1,312
East North Central in st. joseph 193,000 $111 1,736
East North Central mi ionia 193,600 $137 1,416
East North Central mi genesee 194,800 $166 1,173
East North Central oh muskingum 188,300 $94 1,999
East North Central il ogle 236,600 $208 1,138
East North Central oh washington 324,400 $156 2,081
East North Central oh wayne 256,700 $129 1,986
East North Central mi muskegon 230,400 $131 1,757
East North Central oh pickaway 265,700 $143 1,853
East North Central mi st. joseph 188,500 $135 1,397
East North Central il champaign 246,700 $121 2,031
East North Central oh knox 192,200 $127 1,510
East North Central oh lorain 226,200 $126 1,789
East North Central wi calumet 226,400 $111 2,033
East North Central mi midland 174,500 $151 1,157
East North Central mi marquette 172,500 $120 1,433
East North Central in elkhart 202,300 $182 1,113
East North Central mi monroe 228,600 $136 1,679
East North Central oh lake 225,900 $135 1,676
East North Central mi eaton 189,900 $96 1,976
East North Central wi douglas 461,400 $129 3,581
East North Central wi marathon 431,200 $119 3,638
East North Central il dekalb 347,500 $97 3,574
East North Central in marion 323,300 $95 3,408
East North Central in allen 398,000 $113 3,525
East North Central oh hancock 380,300 $94 4,028
East North Central in lake 470,600 $109 4,316
East North Central wi portage 531,000 $109 4,888
East North Central wi rock 513,100 $104 4,950
East North Central oh greene 581,800 $113 5,146
West South Central ar baxter 286,900 $132 2,176
West South Central ar benton 232,900 $138 1,690
West South Central ar craighead 251,100 $110 2,285
West South Central ar crawford 172,900 $100 1,734
West South Central ar crittenden 298,800 $155 1,928
West South Central ar faulkner 280,500 $129 2,168
West South Central ar garland 274,800 $134 2,056
West South Central ar jefferson 314,600 $144 2,179
West South Central ar lonoke 289,000 $132 2,190
West South Central ar pope 273,200 $114 2,389
West South Central ar pulaski 211,300 $121 1,745
West South Central ar saline 273,500 $114 2,396
West South Central ar sebastian 208,600 $111 1,879
West South Central ar washington 215,600 $126 1,712
West South Central ar white 254,800 $145 1,763
West South Central la acadia 226,300 $135 1,681
West South Central la ascension 303,200 $149 2,030
West South Central la bossier 305,500 $140 2,177
West South Central la caddo 278,500 $158 1,768
West South Central la calcasieu 214,300 $115 1,871
West South Central la east baton rouge 254,100 $135 1,881
West South Central la iberia 188,700 $125 1,511
West South Central la jefferson 306,100 $131 2,344
West South Central la lafayette 221,000 $108 2,040
West South Central la lafourche 297,000 $128 2,320
West South Central la livingston 297,300 $139 2,135
West South Central la orleans 258,600 $152 1,698
West South Central la ouachita 304,300 $158 1,921
West South Central la rapides 347,800 $151 2,297
West South Central la st. charles 171,400 $99 1,724
West South Central la st. landry 254,700 $118 2,150
West South Central la st. martin 252,600 $137 1,845
West South Central la st. mary 260,400 $141 1,842
West South Central la st. tammany 280,300 $150 1,869
West South Central la tangipahoa 242,300 $110 2,202
West South Central la terrebonne 254,700 $156 1,637
West South Central la vermilion 270,600 $164 1,650
West South Central la vernon 255,900 $113 2,256
West South Central ok canadian 218,000 $95 2,290
West South Central ok carter 263,000 $142 1,856
West South Central ok cherokee 302,100 $167 1,809
West South Central ok cleveland 263,800 $117 2,262
West South Central ok comanche 252,100 $140 1,806
West South Central ok creek 362,200 $157 2,305
West South Central ok garfield 220,300 $132 1,670
West South Central ok grady 229,500 $158 1,455
West South Central ok le flore 292,200 $128 2,291
West South Central ok muskogee 206,400 $125 1,646
West South Central ok oklahoma 219,000 $121 1,804
West South Central ok osage 194,800 $129 1,515
West South Central ok payne 272,200 $124 2,204
West South Central ok pottawatomie 204,800 $136 1,510
West South Central ok rogers 183,700 $104 1,769
West South Central ok tulsa 295,000 $130 2,267
West South Central ok wagoner 209,100 $134 1,560
West South Central ok washington 167,100 $110 1,526
West South Central tx angelina 270,200 $172 1,568
West South Central tx bastrop 179,600 $103 1,736
West South Central tx bell 323,100 $143 2,262
West South Central tx bexar 260,800 $111 2,359
West South Central tx bowie 223,600 $153 1,463
West South Central tx brazoria 246,300 $130 1,900
West South Central tx brazos 242,500 $132 1,835
West South Central tx cameron 269,200 $151 1,781
West South Central tx collin 374,700 $161 2,325
West South Central tx comal 249,200 $165 1,510
West South Central tx coryell 184,100 $126 1,460
West South Central tx dallas 279,600 $144 1,940
West South Central tx denton 254,500 $124 2,052
West South Central tx ector 151,300 $102 1,477
West South Central tx el paso 249,200 $123 2,023
West South Central tx ellis 163,400 $112 1,459
West South Central tx fort bend 222,800 $114 1,958
West South Central tx galveston 296,100 $139 2,127
West South Central tx grayson 248,700 $135 1,837
West South Central tx gregg 188,200 $112 1,679
West South Central tx guadalupe 263,800 $146 1,804
West South Central tx hardin 283,500 $152 1,867
West South Central tx harris 196,200 $115 1,700
West South Central tx harrison 255,300 $107 2,396
West South Central tx hays 230,000 $154 1,490
West South Central tx henderson 285,700 $122 2,343
West South Central tx hidalgo 224,600 $121 1,853
West South Central tx hood 207,200 $91 2,278
West South Central tx hunt 306,900 $133 2,299
West South Central tx jefferson 213,500 $99 2,154
West South Central tx johnson 234,900 $115 2,040
West South Central tx kaufman 264,300 $134 1,977
West South Central tx kerr 262,900 $139 1,888
West South Central tx liberty 206,400 $113 1,822
West South Central tx lubbock 476,700 $133 3,583
West South Central tx mclennan 407,300 $104 3,920
West South Central tx midland 515,000 $141 3,648
West South Central tx montgomery 480,300 $116 4,142
West South Central tx nacogdoches 630,800 $124 5,107
West South Central tx nueces 496,200 $115 4,310
West South Central tx orange 610,600 $118 5,196
West South Central tx parker 727,900 $122 5,962
West South Central tx potter 726,800 $126 5,777
West South Central tx randall 476,700 $90 5,284
East South Central al autauga 289,800 $117 2,468
East South Central al baldwin 197,100 $120 1,646
East South Central al blount 214,200 $116 1,846
East South Central al calhoun 257,100 $148 1,738
East South Central al coffee 297,200 $129 2,295
East South Central al colbert 219,900 $111 1,987
East South Central al cullman 239,500 $121 1,978
East South Central al dale 317,500 $123 2,579
East South Central al elmore 262,700 $114 2,313
East South Central al etowah 167,700 $71 2,372
East South Central al houston 263,700 $103 2,549
East South Central al jackson 284,900 $118 2,417
East South Central al jefferson 317,300 $135 2,351
East South Central al lauderdale 291,600 $137 2,130
East South Central al lee 291,100 $162 1,792
East South Central al limestone 248,800 $144 1,733
East South Central al madison 252,500 $115 2,199
East South Central al marshall 233,700 $134 1,743
East South Central al mobile 316,900 $128 2,476
East South Central al montgomery 298,500 $136 2,200
East South Central al morgan 285,500 $134 2,133
East South Central al russell 207,400 $124 1,679
East South Central al shelby 190,100 $89 2,133
East South Central al st. clair 235,200 $102 2,306
East South Central al talladega 203,500 $113 1,800
East South Central al tuscaloosa 259,000 $137 1,895
East South Central al walker 206,500 $115 1,803
East South Central ky boone 325,000 $142 2,290
East South Central ky boyd 213,600 $102 2,104
East South Central ky bullitt 319,300 $126 2,527
East South Central ky campbell 269,400 $145 1,864
East South Central ky christian 325,600 $136 2,390
East South Central ky daviess 239,800 $113 2,118
East South Central ky fayette 227,800 $109 2,085
East South Central ky franklin 272,400 $112 2,432
East South Central ky hardin 223,600 $133 1,675
East South Central ky henderson 311,400 $127 2,460
East South Central ky hopkins 208,000 $104 2,007
East South Central ky jefferson 265,900 $117 2,279
East South Central ky jessamine 174,900 $98 1,777
East South Central ky kenton 273,600 $110 2,479
East South Central ky laurel 256,800 $105 2,450
East South Central ky madison 265,400 $135 1,960
East South Central ky mccracken 229,300 $126 1,824
East South Central ky oldham 232,500 $127 1,834
East South Central ky pulaski 234,200 $117 2,003
East South Central ky scott 217,500 $111 1,964
East South Central ky warren 279,300 $158 1,773
East South Central ms desoto 288,300 $118 2,438
East South Central ms forrest 254,800 $111 2,295
East South Central ms hancock 336,800 $143 2,357
East South Central ms harrison 281,200 $130 2,158
East South Central ms hinds 268,600 $106 2,532
East South Central ms jackson 179,400 $92 1,947
East South Central ms jones 187,200 $116 1,607
East South Central ms lafayette 295,100 $119 2,482
East South Central ms lamar 251,400 $142 1,770
East South Central ms lauderdale 275,800 $134 2,063
East South Central ms lee 273,100 $132 2,066
East South Central ms lowndes 283,400 $155 1,827
East South Central ms madison