Domainsights, a recently formed real estate buyerâ€™s advocacy firm is looking to enter the Melbourne property market. The senior management are keen to capitalise on large volumes of historical real estate data to generate insights on various aspects of this booming market. Insights can range across location, seasonality, price trends, area features, land features, property features and various other aspects. The firm has acquired a large dataset of real estate sales in Melbourne, close to 20,000 records from 2017.
You have been hired as an expert descriptive analyst to demonstrate the application of descriptive and inferential analytics techniques using R programming, in the context of real estate buyer advocacy.
The assignment is open ended, so you should come up with your own business questions.
What you are required to do (must follow):
ï‚· Conceptualise a business scenario (use case) to demonstrate the application of descriptive analytics techniques. The scenario can be based on an external reading, your own observations and experiences or simply a full sweep of the whole market. It should ideally consist of several business questions. Select questions that would demonstrate the variety of techniques practiced in class.
ï‚· Compile structured hypothesis tests that reflect these business questions. Account for all elements of a hypothesis test.
ï‚· Select appropriate samples (or sample) from the given dataset, with justification.
ï‚· Apply the correct descriptive and/or inferential analytics technique to address the business question. Techniques must be applied using R programming, no other statistics software is permitted.
ï‚· For each business question, provide a business interpretation of the generated statistic. You may use graphs and charts to support your explanation.
ï‚· Assume a normal distribution as per the central limit theorem, unless a technique explicitly requires a specific distribution.
ï‚· The dataset contains some missing/erroneous values, you should account for these discrepancies.
What you are required to submit:
ï‚· A single R script file (named StudentID_As02.R) containing all commands and techniques. This script must be logically ordered to represent the business scenario, with supporting comments, so that it can be read, understood and tested in R, by an assessor.
ï‚· CSV files of any sample datasets that you may create from the given dataset. These are required to test your R script.
Business Report Criteria:
ï‚· A written report, that is essentially a demonstration to senior management. So this report should document the entire exercise, contain the following,
ï‚§ An introduction to the business scenario, purpose and questions
ï‚§ An overview of the descriptive analytics methodology
ï‚§ Complete hypothesis tests that reflect business questions
ï‚§ Justification for selection of sample/s
ï‚§ Snippets of R code, numerical and graphical output, where appropriate and applicable
ï‚§ Business relevance of the applied technique and business interpretation of each outcome.
Reports should be written in Microsoft Word (font size 11)
Sample business questions and hypothesis test of Trascovery travel agency has been attached for understanding.