QNT 351 WEEK 3 Sampling
Distributions – Real Estate Part 2
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QNT
351 WEEK 3 Sampling Distributions – Real Estate Part 2
Use the real estate data that you used for
your learning team project that was due in Week 2.
Complete the Sampling Distributions – Real
Estate Part 2 worksheet.
Format your assignment consistent with APA
guidelines.
Click the Assignment Files tab to submit your
assignment.
- Review the data and for the
purpose of this project please consider the 100 listing prices as a
population.
- Explain what your computed
population mean and population standard deviation
- Divide the 100 listing prices into
10 samples of n=10 each. Each of your 10 samples will tend to be random if
the first sample includes houses 1 through 10 on your spreadsheet, the
second sample consists of houses 11 through 20, and so on.
- Compute the mean of each of the 10
samples and list them:
- Compute the mean of those 10 means.
- Explain how the mean of the means is
equal or not to the population mean of the 100 listing prices from above.
- Compute the standard deviation of
those 10 means and compare the standard deviation of the 10 means to the
population standard deviation of all 100 listing prices.
- Explain why it is significantly
higher, or lower, than the population standard deviation.
- Explain how much more or less the
standard deviation of sample means was than the population standard
deviation. According to the formula for standard deviation of sample
means, it should be far less. (That formula is σ = σ/√n =
σ/√10 = σ/3.16 ) Does your computed σ agree with
the formula?
- According to the Empirical Rule,
what percentage of your sample means should be within 1 standard deviation
of the population mean? Using your computed σ, do your sample means seem
to conform to the rule?
- According to the Empirical Rule,
what percentage of your sample means should be within 2 standard
deviations of the population mean? Again, do your sample means seem to
conform to the rule?
- You used the Empirical Rule because
it really gives us more information (and because I asked you to), but
truthfully you should have used Chebyshev’s Theorem. Even though
Chebyshev’s doesn’t tell us much, why should you have used that one
instead?
QNT 351 WEEK 3 Sampling Distributions – Real Estate Part 2
QNT 351 WEEK 3 Sampling Distributions – Real Estate Part 2
QNT 351
WEEK 3 Sampling Distributions – Real Estate Part 2
QNT
351 WEEK 3 Sampling Distributions – Real Estate Part 2
Use the real estate data that you used for
your learning team project that was due in Week 2.
Complete the Sampling Distributions – Real
Estate Part 2 worksheet.
Format your assignment consistent with APA
guidelines.
Click the Assignment Files tab to submit your
assignment.
- Review the data and for the
purpose of this project please consider the 100 listing prices as a
population.
- Explain what your computed
population mean and population standard deviation
- Divide the 100 listing prices into
10 samples of n=10 each. Each of your 10 samples will tend to be random if
the first sample includes houses 1 through 10 on your spreadsheet, the
second sample consists of houses 11 through 20, and so on.
- Compute the mean of each of the 10
samples and list them:
- Compute the mean of those 10 means.
- Explain how the mean of the means is
equal or not to the population mean of the 100 listing prices from above.
- Compute the standard deviation of
those 10 means and compare the standard deviation of the 10 means to the
population standard deviation of all 100 listing prices.
- Explain why it is significantly
higher, or lower, than the population standard deviation.
- Explain how much more or less the
standard deviation of sample means was than the population standard
deviation. According to the formula for standard deviation of sample
means, it should be far less. (That formula is σ = σ/√n =
σ/√10 = σ/3.16 ) Does your computed σ agree with
the formula?
- According to the Empirical Rule, what percentage of your sample
means should be within 1 standard deviation of the population mean? Using your
computed σ, do your sample means seem to conform to the rule?
- According to the Empirical Rule,
what percentage of your sample means should be within 2 standard
deviations of the population mean? Again, do your sample means seem to
conform to the rule?
- You used the Empirical Rule because
it really gives us more information (and because I asked you to), but
truthfully you should have used Chebyshev’s Theorem. Even though
Chebyshev’s doesn’t tell us much, why should you have used that one
instead?
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