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Regression AnalysisLet’s assume that you get a new job as a realtor. You decide to apply regression analysis to give better guidance to your customers. The following worksheet will help you to analyze the factors which will affect the purchase price of your customer’s dream house.Please find the attached document for more details
Regression Analysis Let’s assume that you get a new job as a realtor. You decide to apply regression analysis to give better guidance to your customers. The following worksheet will help you to analyz
10/3/21, 11:44 PM INFO 5880 ﬁle:///Users/jaswanthgarudachedu/Downloads/Research Project 5880.html 1/2 I N FO 5 8 80 R ese arc h P ro je ct R eg re ssio n A naly sis L e t f o llo w in g w ork sh eet w il l h elp y o u t o a n aly ze t h e f a c to rs w hic h w il l a ffe ct t h e p urc h ase p ric e o f y o ur c u sto m er P art 1 ) D ata C olle ctio n C olle ct a n d c o d e t h e d ata : W e a re g oin g t o c o lle ct d ata f o r t h e M ontg om ery a n d A ub urn a re a. G o t o a w eb sit e p ro vid in g r e al e sta te d ata ( fo r e xa m ple , w ww.r e alt o r.c o m , w ww.z il lo w .c o m ) a n d c h o ose h o m e t y p e “ h o use s f o r s in g le f a m il y ” ( n o t a n a p artm en t, c o nd o, lo ts ). W e ( ra n d om ly ) s e le ct 3 0 h o use s f r o m M ontg om ery a n d 3 0 h o use s f r o m A ub urn , a n d s a ve t h em in a f il e , h o usin g _d ata _5 8 80_ y o ur n am e.x ls . U se t h e f o llo w in g v a ria b le d esc rip tio n t o c o lle ct t h e d ata . . p ric e . b drm s . s q ft . a g e . p ool . c it y p urc h ase p ric e in \$ 10 00s n um ber o f b ed ro om s s iz e o f h o use in s q uare f e et a g e o f h o use = 2 0 19 – y e ar b uil t = 1 if t h e h o use h as a s w im min g p ool = 0 o th erw is e = 1 if t h e h o use is lo cate d in t h e c it y o f M ontg om ery = 0 o th erw is e F ro m t h e w eb sit e y o u m ay s e e t h e f o llo w in g f a c ts : O bs 1 ) 4 b ed s, 3 b ath s, 2 76 2 s q uare f e et B uil t in 1 9 8 8 N o s w im min g p ool S ale P ric e : \$ 26 4,9 00 A ddre ss : X XXX, M ontg om ery , A L O bs 2 ) 4 b ed s, 3 b ath s, 2 222 s q uare f e et B uil t in 2 0 13 S w im min g p ool S ale P ric e : \$ 350 000 A ddre ss : X XXX, A ub urn , A L T he c o lle cte d d ata s e t s h o uld b e s a ve d in t h e f o llo w in g f o rm at: o b s p ric e b drm s s q ft a g e p ool c it y 1 2 6 4.9 = 2 6 4 000/1 0 00 4 2 76 2 3 1 = 2 0 19 -19 8 8 0 1 2 3 50 4 2 222 4 1 0 … P art 2 ) R eg re ss io n A naly sis w it h E xc e l Y o u c an e m plo y r e g re ss io n a n aly sis w it h E xc e l t o e stim ate h o use p ric e s b ase d o n 6 0 o b se rv a tio ns. S te p 1 ) D esc rib e r e g re ss io n a n aly sis b rie fly . W hat is t h e r e aso n t h at y o u a re d oin g t h e r e g re ss io n a n aly sis ? W hat a re t h e t h in g s t h at y o u c an f ig ure o ut b ase d o n y o ur a n aly sis ? S te p 2 ) E stim ate t h e f o llo w in g m od el a n d a n sw er f o r e ac h q uestio n. 1 . M od el 1 : p ric e = + \$ + * + / + A c o up le is lo okin g f o r a h o use a n d c o m parin g p ric e s b etw een M ontg om ery a n d A ub urn . S pecif ic ally , t h ey w ould lik e t o k n ow w heth er b ein g lo cate d in a s p ecif ic c it y t e n d s t o in cre ase o r d ecre ase t h e p ric e o f a h o use a n d w heth er t h e e ffe ct is s ta tis tic ally s ig nif ic an t. P ro vid e t h em w it h s o m e g uid an ce b ase d o n t h e q uan tit a tiv e e vid en ce f r o m y o ur E X C EL e stim atio n. 2 . M od el 2 : p ric e = + \$ + * + / + 3 + A ss u m e t h at t h e c o up le is c o nsid erin g a h o use w ho se s iz e is a b out 3 0 00 s q uare f e et, r e la tiv e ly n ew ( b uil t in 2 0 10 ), lo cate d o n M ontg om ery w it h a p ool f o r t h eir c h il d re n . T hey w ould lik e t o k n ow t h e e xp ecte d p ric e o f t h e h o use . E stim ate t h e f o llo w in g m od el a n d p ro vid e t h em s o m e w it h g uid an ce b ase d o n t h e q uan tit a tiv e e vid en ce f r o m y o ur E X C EL e stim atio n. S te p 3 ) T o e xp la in t h e p urc h asin g p ric e o f t h e h o use b ette r, w hat w ould b e a d dit io nal v a ria b le s t h at c o uld b e a d ded t o m od el 2 ? W rit e d ow n t h e v a ria b le n am e a n d d esc rip tio n. P art 3 ) R ep ort o n t h e p ro je ct S te p 1 ) W rit e -u p : S ub m it a 4 p ag e w rit e -u p ( in clu d in g 1 p ag e o f t a b le r e su lt ) t o e xp la in t h e d eta il s a p pear in y o ur p ro je ct ( U se 1 2 p oin ts w it h d oub le s p ac in g ). 1 P ro b le m S ta te m en t 10/3/21, 11:44 PM INFO 5880 ﬁle:///Users/jaswanthgarudachedu/Downloads/Research Project 5880.html 2/2 1 .1 P urp ose o f t h e p ro je ct e .g ., T hro ug h t h is p ro je ct, I w ould lik e t o e xa m in e t h e r e la tio nsh ip b etw een t h e p urc h asin g p ric e o f t h e h o use a n d p oss ib le f a c to rs a ffe ctin g t h e p ric e . 1 .2 R easo ns f o r u sin g t h e e m pir ic a l m eth od olo g y : D esc rib e r e g re ss io n a n aly sis b rie fly . W hat is t h e r e aso n t h at y o u a re d oin g t h e r e g re ss io n a n aly sis ? W hat a re t h e t h in g s t h at y o u c an f ig ure o ut b ase d o n y o ur a n aly sis ? 2 E m pir ic a l A naly sis 2 .1 D ata S ourc e a n d D esc rip tio n : U se t h e d ata c o rre ctio n in p art 1 . 2 .2 S ca tte r P lo t : d ra w s c atte r p lo ts b etw een t h e d ep en d en t v a ria b le a n d t h e in d ep en d en t v a ria b le s, a n d d is c u ss t h e r e la tio nsh ip b etw een t h e v a ria b le s. 3 . A ppli c a tio n 3 .1 E stim atio n: E ffe ct o f c it y M od el 1 : D is c u ss t h e s it u atio n d esc rib ed in t h e q uestio n a n d e stim ate d r e su lt s o f m od el 1 in S te p 2 . 3 .2 E stim atio n: E ffe ct o f p ool M od el 2 : D is c u ss t h e s it u atio n d esc rib ed in t h e q uestio n a n d e stim ate d r e su lt s o f m od el 2 in S te p 2 . 4 . C onclu sio n S um mariz e y o ur e m pir ic al r e su lt s c o ncis e ly . W hat is s o m eth in g y o u d id in t h e p ro je ct? D is c u ss b rie fly t h e lim it a tio n o f y o ur a n aly sis . : U se t h e r e su lt in S te p 3 t o d is c u ss t h e lim it a tio n. A ppen d ix . E m pir ic a l E vid en ce I n clu d e t h e t a b le ( c o py o f E xc e l s p re ad sh eet) a t t h e e n d o f t h e w rit e -u p .

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