List the six elements of Statistics and explain each of them. What are the four

Question

List the six elements of Statistics and explain each of them. What are the four V’s that characterize big data? Explain each of them!!

AND......

www.zillow.com is a real estate Web site that provides free estimates of the market value of homes. A trio of University of Texas at San Antonio professors compared Zillow estimates to actual sale prices of homes and published their results in The Appraisal Journal (Winter 2010). The analysis was based on data collected for 2,045 single-family residential properties in Arlington, Texas, that were sold during the last 6 months of 2006. Sale price and Zillow estimated value (in $) were measured for each property. Zillow claims that this market has one of its highest-accuracy ratings. However, the research revealed that Zillow overestimated the market value by more than 10% for nearly half of the properties.

(a) Identify the experimental unit for this study.

(b) Identify the variable of interest measured in this study. Are these variables quantitative or qual-

itative data?

(c) If the 2,045 properties represent a representative sample from a population, describe the popula-

tion.

(d) Suppose the relevant population is all single-family residential properties in the United States.

Do you believe the 2,045 properties are representative of this population?

Explanation / Answer

(a) The experimental unit for this study is a single-family residential property in Arlington,Texas.

(b) The variables measured are the sale price and the Zillow estimated value.

Both of thesevariables are quantitative.

(c) If these 2,045 properties were all the properties sold in Arlington, Texas in the past 6months, then this would be considered the population.

(D)if these 2,045 proper-ties represent a sample, then the population would be all the single-family residentialproperties sold in the last 6 months in Arlington, Texas

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