Business Research Method 1 - Price Essay Example
Applied Business Research and Statistics Business Research Methods I November 8, 2010 Table of Content ? - Business Research Method 1 introduction ?? Introduction ? Research Problem ? Purpose of the Research ? Research Questions ? Research Hypothesis ? Outcome of the Research ? Variables ? Variable to be Tested ? Measurements of the Variables ? Measurement Scale for Each Variable ? Conclusion Business Research Methods 1 Learning Team C has selected the real estate data set from the textbook, “Statistical Techniques in Business & Economics” by Lind, Marchal and, Mason. This textbook covers 106 sales price and various key roperty characteristics. The dependent variable is house price measured in thousands. For example, Selling Price (In Thousands), Number of bedrooms, Size of the home in square feet, Pool, Distance from the center of the city in miles, Township, Garage attached, and Number of bathrooms. This paper will explain special research matter or problem, definition of selected data using quantifiable measures. This paper will also detail the steps that address a resolution of selected issue, for instance purpose of the research, research problem, and why research problem is that important?
Research hypothesis, possible outcomes resulted from this research, operational definitions for each variables and measurement scales. Research problem One of the problems that Learning Team has notice while doing research is that the houses selling prices that customers have to pay are not in conformance to the facilities provided. There should be amplitude between selling prices and the facilities in those houses and customers should be satisfied completely for the amount they pay. If there is any difference in the prices of the houses, it has to be strong reason.
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For example, from the data provided, the price of one house is 242. 1 (in thousands) and has only three bedrooms in 2300 square feet. Whereas on the other hand, there is house with the price 245. 4 and it has 2 bedrooms with the same area. This distribution is not in apportionment with different prices of the houses. “This problem is very noticeable and important because this is unnecessary financial expenditure and people are paying extra prices for just few facilities” (Real Estate Business, 2008). Purpose of the research
The reason for this research is to explain the dilemma of unbalanced prices and the facilities in the houses. The purpose of this research is to draw attention of the authorities to such uneven distribution of prices and facilities. Customers are paying high prices for few facilities. “The main cause of this research is to make the house prices even to the comforts or facilities provided to the customers. This can be useful for customers and for all people” (Rowland, 1959). Research Questions Questions in any research work composed of very important role because it helps to analyze the situations and provide final decisions.
High-quality research should always be challenging and creative. Following are the questions that cover the selected issue: “1. Why do the prices of houses is different? 2. Is there any effect on the house prices from the number of bathrooms? 3. Why the house prices are vary even though they have same size? 4. Why the selling prices of the houses are not in proportion to the facilities provided? 5. Why the charges for real estate agents are so high? 6. How are the variables distributed according to the selling prices? 7. How long has the home been on the market? (Real estate, 2008). Research Hypothesis At one point there was an assumption that house prices are not even with the facilities provided in them, which means customers are unquestionably in loss and are not content by the additional expenditure. Outcomes of the Research Every research has some outcomes and results. The results of the real estate research are follows: 1. Real estate facilities ought to increase according to the price level. 2. According to the size and facilities of the houses prices can reduce, which can be beneficial for customers. Variables
The following cost effective variables are used in the research are very important from the real estate point of view; the house prices, number of bedrooms, size of the plot, number of pools, distance from the city, township, garage, and bathrooms. With the aid of these variables, real estate project of houses can be analyze and measure properly. Other variables can be included, for instance distance from railway station or bus stop. “These variables can provide more information to the customers and the selling prices can be set in accordance with these variables” (Lester, 2005).
Variables to be tested The following are variables that been tested: the house prices, number of bedrooms, size of the plot, number of pools, distance from the city, township, garage, and bathrooms. These variables are vitally portion, which cause difference and, result the loss of a customer. Therefore, these variables should be tested carefully and can be evaluated to reach to some valuable conclusions. Measurement of the Variables When a house has additional bedrooms, the number of bathrooms will remain the same but there will not be a pool or a garage.
Therefore, the house selling price is likely to increase; thus, the cost of the house is set according to the number of rooms relatively to the plot size. Measurement Scale for Each Variable As for the prices, the real estate chart is a total mismanaged picture of the distribution of variables. The measurement and distribution of the said variables is completely mismanaged. Each variable should be placed in proportions. For example, the cost should be in proportion to the size of the plots or to the accommodating rooms.
The quantification need to be clear and proportionately correspond to the measurement scale that should be balanced. Such as if a plot has 2 bathrooms, 3 bedrooms, a garage, a pool and is 2300 square feet, and then the selling price for that house should be higher than a house that has the same square area but a lesser number of bathrooms and no garage or pool. The basic concept is that the houses should be charged differently based on the number of facilities that are provided for the customer rather than the size of plot (Rowland, 1959).
Conclusion In conclusion, research has been conducted for the problem of the unbalanced selling price that the customer has to pay and the facilities that he or she gets. Two of the main purposes are, research questions and the outcomes are discussed in the research. There are different variables useful for research and measurement scale that is acknowledged in our team research. The customers ought to be charged a just price for the houses according to the facilities that are accessible to the customer.
The number of facilities provided with the house should be increased or the selling price should be lowered accordingly. Therefore, according to the plot size and the selling price, the variables should be properly allocated. References Lester, J. D. (2005). Research Paper Handbook: Your Complete Guide (3rd edition). U. S. : Good Year Books Educational Publishers. Real Estate Business (2008). Retrieved November 5, 2010 from http://realestate. about. com/ Rowland, D. T. (1959). Urban Real Estate Research. Washington: Urban land institute