Price Comparison of Classic, Cottage, and Resort

This document provides a price comparison of classic, cottage, and resort across different states and cities. It analyzes the average price and variance to determine if there is any significant difference. The data reveals that the prices of classic, cottage, and resort are almost the same, with some variations observed in certain locations.

DECISION MODEL

TABLE OF CONTENTS
(A)....................................................................................................................................................1
(B)....................................................................................................................................................2
(C)....................................................................................................................................................2
(D)....................................................................................................................................................4
(E)....................................................................................................................................................5

(A)
Row Labels
Average of
Price
Classic 201.6097561
Cottage 201.6190476
Resort 203.8
Grand
Total 202.2222222
Facts revealed that on an average price of classic is $201, for cottage price is also same. In case
of resort price is $203. Hence, there is no difference in price of classic, cottage and resort.
Average of
Price
Column
Labels
Row Labels Classic Cottage Resort
Grand
Total
NSW 202.1818182 202.3333333 202.8571429 202.3846154
QLD 201.1428571 201.5 204.7058824 202.3684211
VIC 201.625 200.875 203.25 201.9166667
Grand Total 201.6097561 201.6190476 203.8 202.2222222
Price for classic, cottage and resort are same across states.
Average of
Price
Column
Labels
Row Labels Classic Cottage Resort
Grand
Total
1

Metropolitan
cities 202.4 202.2647059 204 202.8026316
Regional cities 200.8571429 200.862069 203.5555556 201.5735294
Grand Total 201.6097561 201.6190476 203.8 202.2222222
Price of cottage, resort and classic is same across metropolitan and regional cities.
(B)
Anova: Single
Factor
SUMMARY
Groups Count Sum Average Variance
Classic 40 8059 201.475 21.12756
Cottage 40 8087 202.175 29.12244
Resort 40 8152 203.8 22.21538
ANOVA
Source of
Variation SS df MS F P-value F crit
Between Groups 113.8167 2 56.90833 2.355952 0.099286 3.073763
Within Groups 2826.15 117 24.15513
Total 2939.967 119
Value of level of significance is 0.09>0.05 which means that there is no significant difference
between the variables. Hence, price of classic, cottage and resort are almost same.
(C)
Anova: Two-Factor With
2

Replication
SUMMARY Classic Cottage Resort Total
NSW
Count 48 48 48 144
Sum 2428 5262 2026 9716
Average 50.58333 109.625 42.20833 67.47222
Variance 7845.823 10398.11 6918.509 9176.587
QLD
Count 48 48 48 144
Sum 2612 4226 2874 9712
Average 54.41667 88.04167 59.875 67.44444
Variance 8145.61 10192.42 8897.559 9170.165
VIC
Count 48 48 48 144
Sum 3226 3214 3252 9692
Average 67.20833 66.95833 67.75 67.30556
Variance 9233.956 9163.062 9382.362 9130.395
Total
Count 144 144 144
Sum 8266 12702 8152
Average 57.40278 88.20833 56.61111
Variance 8341.739 10084.7 8396.855
ANOVA
Source of Variation SS df MS F P-value F crit
Sample 2.296296 2 1.148148 0.000129 0.999871 3.017049
3

Columns 93503.69 2 46751.84 5.247944 0.005606 3.017049
Interaction 67389.81 4 16847.45 1.891145 0.111032 2.393029
Within 3768339 423 8908.602
Total 3929234 431
Price of cottage is higher than resort and classic across states NSW and QLD. In case of VIC at
almost same price classic, cottage and resort are available.
(D)
Anova: Two-Factor With
Replication
SUMMARY Classic Cottage Resort Total
Metropolitan cities
Count 72 72 72 216
Sum 3841 6877 3889 14607
Average 53.34722 95.51389 54.01389 67.625
Variance 8056.174 10352.11 8258.239 9196.933
Regional cities
Count 72 72 72 216
Sum 4425 5825 4263 14513
Average 61.45833 80.90278 59.20833 67.18981
Variance 8711.435 9851.075 8640.055 9078.48
Total
Count 144 144 144
Sum 8266 12702 8152
Average 57.40278 88.20833 56.61111
Variance 8341.739 10084.7 8396.855
4

ANOVA
Source of Variation SS df MS F P-value F crit
Sample 20.4537 1 20.4537 0.002278 0.961954 3.86338
Columns 93503.69 2 46751.84 5.207273 0.005831 3.016898
Interaction 11004.8 2 5502.398 0.612863 0.542274 3.016898
Within 3824705 426 8978.182
Total 3929234 431
It can be observed from the table given above that average is much higher for cottage in the
metropolitan cities then classic and resort. In case of regional cities also same trend is observed.
Hence, it can be said that price charge on cottage is higher than classic and resort.
(E)
Anova: Two-Factor With
Replication
SUMMARY Classic Cottage Resort Total
No
Count 72 72 72 216
Sum 3434 7271 3866 14571
Average 47.69444 100.9861 53.69444 67.45833
Variance 7467.905 10356.3 8161.821 9152.128
Yes
Count 72 72 72 216
Sum 4625 5431 4286 14342
Average 64.23611 75.43056 59.52778 66.39815
Variance 8921.338 9623.995 8732.901 9052.855
5

Total
Count 144 144 144
Sum 8059 12702 8152
Average 55.96528 88.20833 56.61111
Variance 8206.202 10084.7 8396.855
ANOVA
Source of Variation SS df MS F P-value F crit
Sample 121.3912 1 121.3912 0.013674 0.906965 3.86338
Columns 97843.98 2 48921.99 5.510861 0.004336 3.016898
Interaction 34465.28 2 17232.64 1.941186 0.144801 3.016898
Within 3781762 426 8877.376
Total 3914193 431
In respect to comfort in case of yes category average value is higher for cottage then classic
and resort. On other hand, in case of no category again average is higher in case of cottage then
classic and resort. Thus, it can be said that cottage is charging more than classic and resort. This
trend is observed across location, state and comfort. There are number of reasons due to which
price of cottage is higher the other one. Cottage value is also different across states and location
etc. Thus, sort of state and people expenditure capacity within it are some of the most important
factors that have huge influence on the price that cottage and resort as well as classic charged
from the people.
6