Quantitative Methods Unit 1 Statistics Project

A Report Comparing Property Prices in Jesmond & Wallsend

Example of average property in Jesmond based on actual Mean of £302,809 (Right Move)

Average property in Wallsend based on actual Mean of £87,350 (Right Move)

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Contents
1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 Introduction Data Collection Raw Data Calculations Tally/ Frequency Charts Bar Charts Pie Charts Cumulative Frequency Tables Histogram Appropriate use of Measurements Discussion & Observations Comparisons Analysis Conclusion Evaluation Bibliography 3 4 5-9 9 10-12 13 14-17 18-19 20 20 20-21 21 21-22 22 22 22-23i

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1.0 Introduction My hypothesis is that property in Jesmond is
£150,000 is repeated most often in the data for Jesmond and £69,950 in the data for Wallsend which makes them the ‘Mode’ for each set of data. Mean The mean is the average of the prices, calculated by dividing the sum of all numbers by the count.   ‘Mean’ for Wallsend is 7,411,400 ÷ 65 = £114,021.54 ‘Mean’ for Jesmond is 19,682,600 ÷ 65 = £302,809.23

Median There is 65 properties in each set of data. To find the Median I sorted the data in ascending order and , rd did the following calculation to find the middle number: 65 + 1 ÷ 2 = 33 so the 33 number is the Median.   ‘Median’ for Wallsend is £85,000 ‘Median’ for Jesmond is £249,950

Range The range is used to highlight the spread of numbers. It is calculated by subtracting the smallest number from the largest number.   ‘Range’ for Wallsend is £470,000 ‘Range’ for Jesmond is £720,000

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5.0 Tally/ Frequency Charts I have produced a tally/ frequency chart for each property type for Jesmond and Wallsend, to sort the data into categories and compare the distribution of property within each price bracket. For the purposes of the charts I have rounded the property prices up to the nearest 1000. Jesmond (2 Bedroom Flats) Price in thousands Up to 100,000 101 – 200 Tally 1111 1111 1111 1111 1 1111 11 11