Math task 1200 words+ Forms 10 hrs

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Maths for Business - INU0111/0511

Project

Maths for Business - INU0111/0511

Deadline

12:00 noon

Tuesday

March 24th 2020

Maths for Business - INU0111/0511

Project

• The project looks at the price of houses in Newcastle. – i.e. How much it would cost to BUY a property

• Because there are many areas of the city, you must concentrate on only 2 areas.

• You are to compare and comment on the similarities and differences in the prices of houses in the two locations.

Maths for Business - INU0111/0511

In this Project you will. . .

1. . . . collect appropriate data that can be used to . . .

2. . . . carry out a statistical analysis of house prices in two areas of Newcastle upon Tyne and to . . .

3. . . . write a report that presents the analysis in words and graphs and to . . .

4. . . . draw conclusions.

Maths for Business - INU0111/0511

History • Newcastle upon Tyne grew up from separate, small settlements

• Centuries ago, the River Tyne had a town called Newcastle around the “new castle” built by the Normans

– there were communities outside now known as Walker, Byker, Wallsend (where Hadrian’s Wall ended), Gosforth, Jesmond and many others

• The Industrial Revolution came to the North-East, Newcastle became a centre for coal exports, shipbuilding and other “heavy” industry on the River Tyne from Wallsend and Walker to Scotswood and Elswick.

Maths for Business - INU0111/0511

History - continued

• With the heavy industry came a workforce

• Public transport was limited – workers lived near their place of work

• In very simple terms – houses near the river were built to house the workers

• Areas away from the river grew up to house those who were better off – Often those who owned the businesses

• Most of the heavy industry has gone now – but some of the houses remain - often small terraced houses of Walker,

Wallsend and Byker are a reminder of those days

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Maths for Business - INU0111/0511

 Jesmond (about 2km north of the river) and Gosforth (a little further north) grew up away from the heavy industry

 People with wealth lived here.  Some streets (such as Mitchell Avenue in Jesmond or Elmfield Road

in Gosforth) still contain very expensive houses dating from the late 1890’s and early 1900’s

 Elsewhere in Jesmond and Gosforth, prices never quite reach these levels  but are much higher than the sites where heavy industry once

housed its workforce.

History - continued

Maths for Business - INU0111/0511

The Areas to look at…

Maths for Business - INU0111/0511

House Prices

• What affects the price of a house? – Type – Size

•Number of bedrooms

– Location •You needs to choose ONE location from each Area

Maths for Business - INU0111/0511

Houses in the UK come in many shapes and sizes.

There are detached houses in their own grounds.

Semi-detached which share a central wall with another house and terraced (a row of houses).

Then there are bungalows (just a ground floor, no upstairs) and apartments (part of a block).

There are also houses called Tyneside flats. These are (usually) a terraced house divided so that someone lives upstairs and someone lives downstairs (and they have separate front doors).

Types of Houses

Maths for Business - INU0111/0511

Types of Houses

Terraced Houses

Tyneside Flat

Detached House

Semi-detached House

Block of flatsBungalow

Apartment Block

Maths for Business - INU0111/0511

Hypothesis

Houses in Area A are . . . . . . . than houses in Area B

 A = Gosforth or Jesmond  B = Wallsend, Walker or Byker

Houses in Gosforth are . . . . . . . . . . . than houses in Byker

. . . for example . . .

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Maths for Business - INU0111/0511

Which Area?

You need to choose:

Either Gosforth or Jesmond from Area A

And

Either Byker, Walker or Wallsend from Area B

Maths for Business - INU0111/0511

Collecting data… You could obtain your data:

• From “The Journal” on Saturday

• By asking estate agents for their in-house magazines

– Estate agents specialise in different areas.

But it is much easier

• to visit estate agents’ websites.

– These can give you lots of raw data

• . . . www.rightmove.co.uk

Maths for Business - INU0111/0511

Creating your tables…Organising your data

Street Number of Bedrooms Type of House Price

The Drive 5 Semi-detached £675,000

Area A = Jesmond or Gosforth

Area B = Wallsend, Walker or Byker

For each area a table like this may be helpful as you start to sort out the raw data

Remember that you will need one table for each area.

At least 30 houses from each area. 50 to 100 houses from each would be better!

Area AArea BGosforth

Maths for Business - INU0111/0511

All your data . . .

You need to compare the whole set of data for the two areas.

Maths for Business - INU0111/0511

Breaking your data up..

• When you are done with the whole of Area A and Area B, start looking at the categories.

• Look at the prices of houses by number of bedrooms and create boxplots for 2, 3, 4, more than 4 bedrooms where appropriate

• You can compare within each area and between each area

Maths for Business - INU0111/0511

Another possible hypothesis?

There is a link between the price of a house and . . .

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Maths for Business - INU0111/0511

Analysing your data…

Note that you have quantitative data, which is discrete, (measured in £).

Consider the types of charts and graphs that we have used.

Which is most suitable?

Can you use boxplots? Is this a good way to communicate information?

What others are useful? Histograms?

How do you compare two sets of data, e.g. 3 bedroom houses in Jesmond with 3 bedroom houses in Walker.

Maths for Business - INU0111/0511

Analysing your data…

What types of calculations are you going to do?

• To show the centre of the data? The middle or measure of location?

•To show the spread or the measure of dispersion of the data?

Maths for Business - INU0111/0511

Remember . . . .

Whose data is it?

Use Excel and Geogebra

Maths for Business - INU0111/0511

Using Excel…

Draw your boxplots using Geogebra, Excel 2016 or any other Statistical software

Choose appropriate scales.

Mean: = AVERAGE(D1:D60)

Median: = MEDIAN(D1:D60)

Standard Deviation: =STDEV.P(D1:D60)

Maths for Business - INU0111/0511

Presenting your data…

Do not just present lots of bar charts, pie charts and boxplots.

You need TABLES with medians, inter-quartile ranges, means and standard deviations.

Maths for Business - INU0111/0511

Presenting your data… Find the Median and the Quartile positions for the two areas using ALL your data. Then present this data as two boxplots….

50000 100000 150000 200000 250000

House Prices

Area A

Area B

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Maths for Business - INU0111/0511

What you need to include … • A front cover with a title and your name.

• An introduction to say what you expect to find from your observations of the areas and a brief background of the chosen areas.

• A discussion of where you got your data from.

• A discussion about how you chose your data.

• Tables of data.

• Charts or graphs

• A discussion of what you have found.

• Conclusions about the house prices in the two areas.

• A list of raw data as an appendix. Maths for Business - INU0111/0511

Write a REPORT

Maths for Business - INU0111/0511

Email : [email protected]

[email protected]

Maths for Business - INU0111/0511

Now . . .

You need to . . . Collect Some Data

How?

From Where?