Scenario

You have been hired by the Regional Real Estate Company to help them analyze real estate data. One of the companys 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 _ = .05.

Use the House Listing Price by Region document to help support your work on this assignment. You may also use the Descriptive Statistics in Excel and Creating Histograms in Excel tutorials for support.

Specifically, you must address the following rubric criteria, using the Module Five Assignment Template.

Setup: Define your population parameter, including hypothesis statements, and specify the appropriate test.

Define your population parameter.

Write the and alternative hypotheses. Note: Remember, the salesperson believes that his sales are higher.

Specify the name of the test you will use.

Identify whether it is a left-tailed, right-tailed, or two-tailed test.

Identify your significance level.

Data Analysis Preparations: Describe sample summary statistics, provide a histogram and summary, check assumptions, and find the test statistic and significance level.

Provide the descriptive statistics (sample size, mean, median, and standard deviation).

Provide a histogram of your sample.

Describe your sample by writing a sentence describing the shape, center, and spread of your sample.

Determine whether the conditions to perform your identified test have been met.

Calculations: Calculate the p value, describe the p value and test statistic in regard to the normal curve graph, discuss how the p value relates to the significance level, and compare the p value to the significance level to reject or fail to reject the hypothesis.

Determine the appropriate test statistic, then calculate the test statistic.

Note: This calculation is (mean target)/standard error. In this case, the mean is your regional mean (Pacific), and the target is 275.

Calculate the p value.

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.

Choose your test from the following:

=T.DIST.RT([test statistic], [degree of freedom])

=T.DIST([test statistic], [degree of freedom], 1)

=T.DIST.2T([test statistic], [degree of freedom])

Using the normal curve graph as a reference, describe where the p value and test statistic would be placed.

Test Decision: Discuss the relationship between the p value and the significance level, including a comparison between the two, and decide to reject or fail to reject the hypothesis.

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 hypothesis.

Conclusion: Discuss how your test relates to the hypothesis and discuss the statistical significance.

Explain in one paragraph how your test decision relates to your hypothesis and whether your conclusions are statistically significant.

The price is based on these factors:

Academic level

Number of pages

Urgency

Basic features

- Free title page and bibliography
- Unlimited revisions
- Plagiarism-free guarantee
- Money-back guarantee
- 24/7 support

On-demand options

- Writer’s samples
- Part-by-part delivery
- Overnight delivery
- Copies of used sources
- Expert Proofreading

Paper format

- 275 words per page
- 12 pt Arial/Times New Roman
- Double line spacing
- Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Delivering a high-quality product at a reasonable price is not enough anymore.

That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more