Gulf Real Estate Properties (160 points)
Read the Gulf Real Estate Properties case study and please provide a Managerial Report that includes the following:
1. Use appropriate descriptive statistics (5-number summary, mean, mode, range and standard deviation) to summarize each of the three variables for the 40 Gulf View condominiums.
2. Use appropriate descriptive statistics (5-number summary, mean, mode, range and standard deviation) to summarize each of the three variables for the 18 No Gulf View condominiums.
3. Compare your summary results from #1 & #2. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
4. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View condominiums. Interpret your results.
5. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for No Gulf View condominiums. Interpret your results.
6. Assume the branch manager requested estimates of the mean selling price of Gulf View condominiums with a margin of error of $40,000 and the mean selling price of No Gulf View condominiums with a margin of error of $15,000. Using 95% confidence, how large should the sample sizes be?
7. Gulf Real Estate Properties just signed contracts for two new listings: a Gulf View condominium with a list price of $589,000 and a No Gulf View condominium with a list price of $285,000. What is your estimate of the final selling price and number of days required to sell each of these units?
For ease in calculating your statistics, you can either hand enter the data into Excel or use the Student Webfile file GulfProp from the Cengage website.
Write a short report that includes an introduction, a body which answers the questions posed in the problem and a conclusion paragraph that addresses your findings and what you have determined from the data and your analysis. Please include any tables of calculations and graphs associated with this problem in the body. The paper should be double-spaced using CSU-Global APA guidelines. NOTE: Submitting your Excel file will aid in grading if errors are found in the paper.
