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Scenario You have been hired by your regional real estate company to determine if your region's housing prices and housing square footage are significantly different

Scenario

You have been hired by your regional real estate company to determine if your region's housing prices and housing square footage are significantly different from those of the national market. The regional sales director has three questions that they want to see addressed in the report:

Are housing prices in your regional market higher than the national market average?

Is the square footage for homes in your region different than the average square footage for homes in the national market?

For your region, what is the range of values for the 95% confidence interval of square footage for homes in your market?

You are given a real estate data set that has houses listed for every county in the United States. In addition, you have been given national statistics and graphs that show the national averages for housing prices and square footage. Your job is to analyze the data, com plete the statistical analyses, and provide a report to the regional sales director. You will do so by co mpleting the Project Two Template located in the What to Submit area below.

Directions

Introduction

Purpose: What was the purpose of your analysis, and what is your approach?

Define a random sample and two hypotheses (means) to analyze.

Sample: Define your sample. Take a random sample of 100 observations for your region.

Describe what is included in your sample (i.e., states, region, years or months).

Questions and type of test: For your selected sample, define two hypothesis questions and the appropriate type of test hypothesis for each. Address the following for each hypothesis:

Describe the population parameter for the variable you are analyzing.

Describe your hypothesis.

Describe the inference test you will use.

Identify the test statistic.

Level of confidence: Discuss how you will use estimation and conference intervals to help you solve the problem.

1-Tailed Test

Hypothesis: Define your hypothesis.

Define the population parameter.

Write null (Ho) and alternative (Ha) hypotheses.

Specify your significance level.

Data analysis: Analyze the data and confirm assumptions have not been violated to co mplete this hypothesis test.

Summarize your sample data using appropriate graphical displays and summary statistics.

Provide at least one histogram of your sample data.

In a table, provide summary statistics including sample size, mean, median, and standard deviation.

Summarize your sample data, describing the center, spread, and shape in comparison to the national information.

Check the conditions.

Determine if the normal condition has been met.

Determine if there are any other conditions that you should check and whether they have been met.

Hypothesis test calculations: Complete hypothesis test calculations, providing the appropriate statistics and graphs.

Calculate the hypothesis statistics.

Determine the appropriate test statistic (t).

Calculate the probability (p value).

Interpretation: Interpret your hypothesis test results using the p value method to reject or not reject the null hypothesis.

Relate the p value and significance level.

Make the correct decision (reject or fail to reject).

Provide a conclusion in the context of your hypothesis.

2-Tailed Test

Hypotheses: Define your hypothesis.

Define the population parameter.

Write null and alternative hypotheses.

State your significance level.

Data analysis: Analyze the data and confirm assumptions have not been violated to co mplete this hypothesis test.

Summarize your sample data using appropriate graphical displays and summary statistics.

Provide at least one histogram of your sample data.

In a table, provide summary statistics including sample size, mean, median, and standard deviation.

Summarize your sample data, describing the center, spread, and shape in comparison to the national information.

Check the assumptions.

Determine if the normal condition has been met.

Determine if there are any other conditions that should be checked on and whether they have been met.

Hypothesis test calculations: Complete hypothesis test calculations, providing the appropriate statistics and graphs.

Calculate the hypothesis statistics.

Determine the appropriate test statistic (t).

Determine the probability (p value).

Interpretation: Interpret your hypothesis test results using the p value method to reject or not reject the null hypothesis.

Relate the p value and significance level.

Make the correct decision (reject or fail to reject).

Provide a conclusion in the context of your hypothesis.

Comparison of the test results: See Question 3 from the Scenario section.

Calculate a 95% confidence interval. Show or describe your method of calculation.

Interpret a 95% confidence interval.

Final Conclusions

Summarize your findings: Refer back to the Introduction section above and summarize your findings of the sample you selected.

Discuss: Discuss whether you were surprised by the findings. Why or why not?

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Questions 1. What Is Supply Chain? How is it Connected by transportation? 2. How Council of Supply Chain Management Professionals define Supply chain management? 3. Compare Old paradigm with new paradigm of supply chain management. 4. What is the Importance of Supply Chain Management for successful firms? 5. What are the three characteristics specific to the Firms using Supply Chain Management? 6. Define Bullwhip Effect and explain how supply chain management reduces it? 7. Discuss how the field of supply chain management evolved over time starting from 1950s-1960s. 8. What are the supply elements, Operations Elements, logistics elements and Integration Elements in The Foundations of Supply Chain Management?is based on the idea that long-run profitability and efficiency of an enterprise depends on the customers' overall satisfaction with the company's and its supply chain partners products or services. Collaboration-focused supply chain management Communication-focused supply chain management Customer-focused supply chain management Company-focused supply chain managementQuestion 21 4 If you don't know whether the frequency distribution is normally distributed. O You can use both the Empirical Rule and the Central Limit Theorem O You can't use the Empirical Rule, but you can use the Central Limit Theorem O You can't use the Central Limit Theorem, but you can use the Empirical Rule You can't use either the Empirical Rule or the Central Limit Theorem

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