Respond to Quantitative Business Analysis Questions

Gulf
Real Estate Properties, Inc. is a real estate firm located in southwest
Florida. The company, which advertises itself as an “expert in the real
estate market,” monitors condominium sales by collecting data on
location, list price, sale price, and number of days it takes to sell
each unit. Each condominium is classified as Gulf View if it is located
directly on the Gulf of Mexico or No Gulf View if it is located on the
bay or a golf course, near but not on the Gulf. Sample data from the
Multiple Listing Service in Naples, Florida, provided sales data for 40
Gulf View condominiums and 18 No Gulf View condominiums. The complete
data set is in the file named .

Managerial Report

Prepare
a report (see below) that summarizes your assessment of the nature of
the housing market in southwest Florida. Be sure to include the
following seven (7) items in your report.

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. Are there any outliers in the data set for any
   of the three variables? If there are any outliers in any category,
   please list them and state for which category they are an outlier.
   Describe which method you used to determine if there were or not.
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. Are there any outliers in the data
   set for any of the three variables? If there are any outliers in any
   category, please list them and state for which category they are an
   outlier. Describe which method you used to determine if there were or
   not.
3. Compare your summary results from #1 and #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 for
   each?
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 (based on the percent difference for
   the sale and list price) and number of days required to sell each of
   these units?

Be sure that your report contains the following:

• A title page
• An introduction
• A body of the paper that answers the questions posed in the problem and calculations and graphs associated with this problem. 
• A conclusion paragraph that addresses your findings and what you have determined from the data and your analysis. 

Be sure to submit Excel.