My first semester of degree is going to end soon. After the
10th weeks, I’ve learnt so much about Quantitative Method.
Recently, we were asked to do a group assignment which is basically
about Statistic which used several of the quantitative methodologies taught in
this course.
From here onwards, I have learnt how to apply statistic
concepts in completing the task. In this task, we were instructed to look for a
secondary data of property to be obtained from either websites or other
resources and we need to choose only a type of property whether a terrace,
bungalow, condo, apartment or etc. After discussing with my group, we decided
to choose a condo in Subang Jaya as subject. The objective of this task was to identify
what actually regulate the price of the condo unit. Firstly, we need to collect
all the data such as the build-up size of the condo as well as its respective selling
price and input it into excel table to display the summary statistics for both
the selling price and the size of the condo. After that, we need to translate
the distribution of the condominiums' size and the selling price into
histogram. From here also, I know how to know which is independent and which is
dependent variable. Our independent variable is the size, measured by square
feet of the condominium and the dependent variable is the selling price of the
condominium. Then we use histogram which is a form of a bar graph used with interval
or ratio-scaled data to show the distribution of size and price of the condo. Bars
in a histogram spanning the width of the bars are defined by the upper and
lower limits of the interval. The
measurement scale is continuous, so the lower limit of any one interval is also
the upper limit of the previous interval.
In this task also, we were asked to calculate manually the
median which is the "middle" value in the list of numbers and
standard deviation for both selling price and size of the property by using the
formula that was taught to us. Median is better for describing the typical
value. It is often used for home prices
while standard deviation is a widely used measurement of variability used in
statistics. It shows how much variation there is from the mean. Furthermore, I
also learnt how to show prices by using ogive as a tool used to study the
growth rate of a data.
Besides, I also learnt how to display the output for the 2
variables by using correlation and regression analysis in excel and put in into
scatter diagram to see whether it is a positive or negative linear relationship.
From there, I know how to interpret the coefficient of correlation, the
coefficient of determination, slope and the y-intercept.
Next, in the task, I have learnt not only about Regression
but also probability. Now I have clarified the definition of probability, have
learned about outcomes in probability and know how to calculate experimental
probability. This really helps me in doing my revision and preparation for my final
exam.
