I don't know if you can help me here or not, but I'll ask anyways. I've been given a Real Estate assignment where I had to compare the sale prices of properties of different suburbs and then compare them, with the Mean, Standard Deviations, Histograms, Boxplots, Outliersd, Distributions etc. Basically, I just have to compare them and comment on the graphs.
There's one question where it asks "Are there any limitations or weaknesses in this investigation and possible remedies?"
We were only supplied with the prices of houses sold in the year 2003, and that's it. Can you help me in anyway?
Of course, I can help you! Based on the information you provided, it seems like the limitation in your investigation is the limited dataset, specifically the fact that you were only supplied with the prices of houses sold in the year 2003.
To address this limitation, you could consider the following possible remedies:
1. **Expand the dataset**: To make more accurate and comprehensive comparisons, you could try to obtain more recent data or data from multiple years. This would give you a better understanding of the current market trends and a broader range of data to analyze.
2. **Compare with other variables**: To gain further insights into the real estate market, consider comparing the sale prices with other variables such as property size, location, or features. By incorporating additional variables, you can provide a more thorough analysis and identify potential relationships or patterns.
3. **Consider inflation and market changes**: Since your dataset is from 2003, it is important to take into account the effect of inflation and any significant changes that may have occurred in the real estate market since then. Adjusting the prices for inflation can help provide a more accurate comparison to current market conditions.
4. **Include qualitative analysis**: In addition to quantitative analysis, consider including qualitative factors such as economic conditions, local developments, or changes in regulations that might impact the real estate market. This can provide a more holistic understanding of the strengths and weaknesses of each suburb.
5. **Compare with other sources**: To validate your findings and ensure the accuracy of your analysis, you can compare your results with other reputable sources, such as real estate market reports, government data, or industry experts. This will help you identify any discrepancies or limitations in your own dataset.
Remember, it's crucial to acknowledge the limitations and weaknesses of your investigation and provide appropriate remedies or suggestions to mitigate them. By incorporating these steps, you can enhance the reliability and validity of your analysis.