In this project, you will demonstrate your mastery of the following competencies:
The purpose of this project is to have you complete all of the steps of a real-world linear regression research project starting with developing a research question, then completing a comprehensive statistical analysis, and ending with summarizing your research conclusions.
You have been hired by the D. M. Pan National Real Estate Company to develop a model to predict median housing prices for homes sold in 2019. The CEO of D. M. Pan wants to use this information to help their real estate agents better determine the use of square footage as a benchmark for listing prices on homes. Your task is to provide a report predicting the median housing prices based square footage. To complete this task, use the provided real estate data set for all U.S. home sales as well as national descriptive statistics and graphs provided.
Using the Project One Template located in the What to Submit section, generate a report including your tables and graphs to determine if the square footage of a house is a good indicator for what the listing price should be. Reference the National Statistics and Graphs document for national comparisons and the Real Estate County Data spreadsheet (both found in the Supporting Materials section) for your statistical analysis.
Note: Present your data in a clearly labeled table and using clearly labeled graphs.
Specifically, include the following in your report:
Develop Your Regression Model
Determine the Line of Best Fit. Clearly define your variables. Find and interpret the regression equation. Assess the strength of the model.
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