House Price and Bedroom Correlation Analysis

This assignment explores the correlation between house price and the number of bedrooms in three different streets: Eton Avenue, Green Street, and Church Lane. It presents data on house prices for various bedroom counts in each street and uses statistical methods to analyze the relationship. The report includes tables, diagrams illustrating the correlation between price and bedrooms, and a conclusion summarizing the findings.

Statistics for management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
A Identifying the difference between earning capacity of men and women employees in
public sector................................................................................................................................1
B. Determination of the difference between earning capacity of women and men employees in
private sectors..............................................................................................................................2
C Presenting a time chart for the period of 2009-2016...............................................................3
D. Defining the changes in the earning level of these groups with the help of table and chart. .4
TASK 2............................................................................................................................................5
2.1 Presenting the data in the comprehensive method with the help of diagram such as...........5
2.2 Analysing the mean marks to be obtained by the students as well as the pros and cons of
such measurements......................................................................................................................6
Identifying the performance of students on the basis of measures of dispersion........................9
2.3 determining the student performance in the report.............................................................10
2.4 Analysing the weights and ages of the children on the basis of the line of best fit............11
TASK 3..........................................................................................................................................11
(a) Number of deliveries which are currently made each year.................................................12
(b) Number of bottles of olive oil that are delivered with each deliveries................................12
(c) Calculation of Economic order quantity (EOQ)..................................................................12
(d) Economic order quantity and cost comparison...................................................................13
TASK 4..........................................................................................................................................14
4.1 Preparation of pie and bar charts.........................................................................................14
4.2 Relationship between number of bedrooms and house price in those three streets............17
CONCLUSION..............................................................................................................................18
REFERENCES:.............................................................................................................................20

INTRODUCTION
Statistics is the most fundamental tool which is helpful in analysing the adequate
outcomes from the presented data set. Currently many business organisation has implemented
this technique over their financial data set as to analyse the growth, profitability as well as
efficiency of the business. These helps the manufacturing units to determine the ability of
producing the units as well as analysing the reorder level. In the present report there will be
various measurements and calculations which will be used for analysing the earning efficiency of
the men and women employees in public as well as private sector. The report will be beneficial
as there has been presentation of various graphs and chart that will be helpful tool in terms of
analysing the variations among such data base.
TASK 1
A Identifying the difference between earning capacity of men and women employees in public
sector
Basis Men Public sector Women Public sector
2009 30638 25224
2010 31264 26113
2011 31380 26470
2012 31816 26663
2013 32541 27338
2014 32878 27705
2015 33685 27900
2016 34011 28053
Mean 32276.625 26933.25
Variance 1449962.27 977868.41
Observations 8 8
Hyp. mean diff. 0 0
D/F 13
T statistics 9.71
P(T<=t) 1-tail 1.27E-007
t Critical 1-tail 1.770933396
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P(T<=t) 2-tail 2.54E-007
t Critical 2-tail 2.160368656
Interpretation: On the basis of table that reflect the overall gains in public sector which
were being obtained by men and women workers during the year 2009-2016. However, it can be
said that there is constant increment in the level of earning of men employees as it was 30638 in
2009 which increase to 34011 in 2016. However, the average income retention of the men
employees over these years is estimated as 32276.625. The variance of their earning capacity is
144962.27 which indicates that they have made the adequate earning throughout these years.
On the other side the women employees has earning capacity which is also has the
constant increment but not in that order as the men employees in this sector. In the year it was
25224 which has raised in the year 2016 as 28053. The average of their earning capacity is
26933.25 and variance was 977868.41. However, it will be improved and equal to the men
employees in the coming year as if the government will take necessary steps to facilitate the
employment opportunities to female workers. The difference between their earning is 13 and the
T statistics is 9.71. However, this reflect the positive outcomes as well as the business is
beneficial in terms of attaining the adequate gains and profitability. In terms with 1.27>0.05
which indicates that there is no such variations in their earning capacity.
B. Determination of the difference between earning capacity of women and men employees in
private sectors
Basis Men Public sector Women Private sector
2009 27632 19551
2010 2700 19532
2011 27233 19565
2012 27705 20313
2013 28201 20698
2014 28442 21017
2015 28881 21403
2016 29679 22251
Mean 28062.875 20541.25
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Variance 840242.6964 988729.9286
Observations 8 8
Hyp. mean diff. 0
D/F 14
T statistics 15.73088181
P(T<=t) 1-tail 1.35E-010
t Critical 1-tail 1.761310136
P(T<=t) 2-tail 2.71E-010
t Critical 2-tail 2.14
Interpretation: By considering the table which has data set of annual earning capacity of
men and women employees in the year 2009-2016. In context with men employees in private
sector the earning was 27632 in 2009 which as increment of 29679 in 2016. The female worker
has 19551 in 2009 while in 2016 it was 21403. However, in consideration of both segmentation
there is no such differences in their earning capacity. Te average of men employees in income
generation is 28062.875 while for the women it is 20541.25. The variance's of their earnings is
840242.6964 for men employees and 988729.9286 for women employees. Here the difference
was of 14 and that reflects that there is no such differences in the earning capacity of bot the
workers. However, it reflects that women are as capable as men workers are and that reflects in
their earning scale.
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C Presenting a time chart for the period of 2009-2016
2009 2010 2011 2012 2013 2014 2015 2016
0
5000
10000
15000
20000
25000
30000
35000
Men Private sector
Men Public sector
Women Private sector
Women Public sector
Interpretation: On the basis of graphical presentation which reflects the earning capacity
of men and women employees during that period which determine that there is no such
contraventions in their ability to retain the income (Chavez and Cazelles, 2018). However, in
accordance with the operations of the business it can e said that the variation in the income level
is because of the level of operations performed by both the categories and the numbers of
employees in each year. In accordance with the variance of both the sectors was analysed that
means there is no difference in the ability of the income gathering by men and women. However,
it can be said that in the current time the women employees are being as equally capable as the
men employees in each sector.
D. Defining the changes in the earning level of these groups with the help of table and chart
Basis 2010 2011 2012 2013 2014 2015 2016
Men in Public sector 2.0% 0.4% 1.4% 2.3% 1.0% 2.5% 1.0%
Men in Private sector -1.3% 0.9% 1.7% 1.8% 0.9% 1.5% 2.8%
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Women in Public sector 3.5% 1.4% 0.6% 2.6% 1.3% 0.7% 0.5%
Women in Private sector -0.1% 0.2% 3.8% 1.9% 1.5% 1.8% 4.0%
2010 2011 2012 2013 2014 2015 2016
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Public sector male
Private sector male
Public sector female
Private sector female
Interpretation: In terms with the percentage change in earning level of employees such
as men and women it can be said that there comparative poor performance in the privet sector
(Zhang, Xu and Yang, 2018). Therefore, the public sector is quite capable of offering the
employment opportunities to the society. In accordance with the men worker the changes in
percentage of the earning power in private sector in 2009 was -1.3% which increased to 2.8%
while in the public sector the earning percentage change in 2010 was 2% which has reduced to
1%. In this case it can be said that the public sector may not have any negative remark but it has
the reduction in the income ability of the employees in 2016 as compared with the initial year.
On the other side the women employees has change in the percentage of their income
level in the private and public sector has variation which indicates that there has been growth in
the employment sector. The percentage change sin the earning ability of women employees I the
year 2010 was 3.5% which reduced to 0.5% in 2016. Thus, there has been reduction in the public
sector of the employments opportunities for women workers. In accordance with the private
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sector the earning percentage in 2010 was -0.1% which has huge increment in 2016 as 4%. Thus,
it can be said that, private sector is more attractive from the workers and they are making
satisfactory level of wealth creation to the society. In accordance with the private and public
sector the public sector has constant increment while privation sector is more fluctuating as it
some time reflect the negative outcomes while some times it presents the favourable results.
TASK 2
Section 1
2.1 Presenting the data in the comprehensive method with the help of diagram such as
Commentary: In accordance with the graphical presentation of the total mark achieved
by students in the school. However, as per the analysis it reflects that the highest marks gained
by a student in this subject are 75 and 72 while the lowest score of the marks are 20 and 21.
Therefore, the mean of these score sheet is between 40 to 50. Therefore, in accordance wit such
changes in the mark obtained by students in this subject it will be suggest to the director that they
must make changes in the teaching style as well as plan the changes to be implement by them as
to enhance the student performance.
2.2 Analysing the mean marks to be obtained by the students as well as the pros and cons of such
measurements
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Commentary: In consideration with the above listed table it can be said that there has
been variation in the numbers acquired by students. However, the highest scorer of the giver data
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set is with 75 or the marks in the business course while the low scorer has gain 20 marks over
this subject. The average of such data set has been analysed as 46.74 which good and favourable
as it reflects that the maximum numbers of students has gained more than 45 marks. The mode of
data set bis 48 and standard deviation is being analysed as 12.82.
Strength and Weaknesses of Average:
Strength and Weaknesses of Mode:
Identifying the performance of students on the basis of measures of dispersion
In accordance with the concept of depression it can e said that the measurement of
standard deviation which will be zero or near to zero has to be balanced (Turley, Furlotte and
Magnusson, 2018). The more the standard deviation the more favourable outcomes will be
gained. Therefore, in accordance with standard deviation in the current data set which is 12.82
that is the appropriate and beneficial for the growth of organisation.
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2.3 determining the student performance in the report
Section 2
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2.4 Analysing the weights and ages of the children on the basis of the line of best fit
TASK 3
Part B
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(a) Number of deliveries which are currently made each year.
The supplier is delivering olive oil in every twelve days to local supermarkets for the
whole year supermarket is closed on fives days only. As in last year demand of bottles of olive
oil was about 450000 so for this current year also it was assumed that total number of deliveries
is 450000 only.
(b) Number of bottles of olive oil that are delivered with each deliveries.
TABLE: Number of bottles in deliveries.
Interpretation:
From the above figure in which total number of bottles in each delivery is been taken out
it will be required annual number of demand which is 450000 and number of trip in the whole
year which is 30. So after dividing these both we will be having the actual result which is 15000
bottles in each trip which supplier will be making in whole current year. For calculating this total
variable cost model is been used.
(c) Calculation of Economic order quantity (EOQ)
TABLE: EOQ
Interpretation:
In the above table which is showing what will be economic order quantity which is total
number of unit that is added within inventories so that cost of inventories could be minimised.
This will be including holding cost, shortage cost and also ordering cost and to minimise all
these cost is very important (What is an 'Economic Order Quantity – EOQ' .2018). From the
given data on total quantity of 450000, cost of each order which is £2 and carrying cost of each
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order will be £0.5 which is 25% of £2. So the Economic order quantity will b 6000 which must
be increased in more number so that cost of company or that of supplier is been reduced.
Economic order quantity will be helpful to company in following ways:
1. Minimizing storage and holding cost- as storage could be very expensive for small business
owners so the main advantage of EOQ could be in help in minimizing cost of storage.
2. The cost of holding of goods thus decreases in business which will be helpful in more profits
for firm and increasing demand of its products.
(d) Economic order quantity and cost comparison
TABLE: Cost of consumption and EOQ
Interpretation:
From the above table it is been interpreted that Economic order quantity is lowering
down with the increased in carrying cost per unit while total quantity for whole year is still the
same. In the table cost per order which is £2 will also remaining same.
Total Variable cost:
CD/Q+HQ/2= 20*450000/15000+0.5*6000/2= 600+3750=4350
CD/Q+HQ/2= 20*450000/6000+0.5*6000/2= 1500+1500=3000
In the first equation which is given total variable cost is equal to 4350 while in that of
second equation this equals to 3000. So it is interpreted that second must be selected which is of
3000.
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TASK 4
4.1 Preparation of pie and bar charts.
Illustration 1: Number of Bedrooms
Illustration 2: Number of Bedrooms in Green
Street
1
2
3
4
5
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Illustration 3: Number of Bedrooms in Church
lane
1
2
3
4
5
Illustration 4: Number of Bedrooms in Eton
Avenue
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1
2
3
4
5
Interpretation:
This diagram will be telling the price and number of bedrooms in each street the price of
house is set according to the number of bedrooms which they are having with them. There is also
perfect correlation between price of house and number of bedrooms which they are having which
is equal to 1. This is depicting that if the number of bedroom of house is increased then the price
will also be increasing and if that is decreased then price will be decrease. More the number of
bedroom in house higher will be its price and vice versa. Like in case of Eton Avenue which is
having the price of 2 bedroom houses as £750000 and if there are 3 bedrooms in house then its
price will be £100000. Same will be the case in Green street which will be price of 3 bedrooms
house is £700000 and that of 2 bedroom it is £600000. While in Church Lane th price of 2
bedroom houses is £700000 and that of 3 bedrooms house is £850000
Interpretation:
These pie chart and bar chart are depicting that price of bedrooms at different locations
are varying with the number of bedroom they are having. As in there are 8 houses in Green
street, 6 houses in Church lane and 4 are there in Eton Avenue but the prices of all these areas
are different from each other. Like in the Green street in the there are house which are having 2
bedrooms there are 28 houses, 18 houses are there in Church lane which are having 2 bedroom
and in case of Eton Avenue 20 houses are having 2 bedrooms. While in the case of 3 bedrooms
houses Church lane is having 24, Eton Avenue is having 32 and Green street is having about 37
houses.
4.2 Relationship between number of bedrooms and house price in those three streets.
TABLE: Correlation
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Interpretation:
This diagram will be telling the price and number of bedrooms in each street the price of
house is set according to the number of bedrooms which they are having with them. There is also
perfect correlation between price of house and number of bedrooms which they are having which
is equal to 1. This is depicting that if the number of bedroom of house is increased then the price
will also be increasing and if that is decreased then price will be decrease. More the number of
bedroom in house higher will be its price and vice versa. Like in case of Eton Avenue which is
having the price of 2 bedroom houses as £750000 and if there are 3 bedrooms in house then its
price will be £100000. Same will be the case in Green street which will be price of 3 bedrooms
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house is £700000 and that of 2 bedroom it is £600000. While in Church Lane the price of 2
bedroom houses is £700000 and that of 3 bedrooms house is £850000.
CONCLUSION
In consideration with the above report it can be concluded that statistics is the most
favourable fundamental tool in terms of identifying the adequate outcomes of the business.
However, the report is consisted of various measurement such as standard deviation, mean, mode
and analysis of various data sets. Further, such analysis are very beneficial as well as appropriate
in terms of analysing the outcomes.
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