This is Part 2 of the previous assignment (Part #1) you chose a city or region to study, proposed a business idea, identified variables of interest, selected secondary sources, and developed a project timeline. Now it is time to analyze your data using DESCRIPTIVE STATISTICS. Developing descriptive statistics can help you narrow down specific neighborhoods or certain types of listings you want to analyze and target. Descriptive statistics can also give you a simple summary of your sample data from the AirBnB listings.
Write a one page summary of your research efforts.
- Explain where your data came from and any potential issues (consider both the AirBnB data set and your secondary sources). THERE ARE ALWAYS ISSUES. Hint: Review the AirBnb data set page to understand where the data set came from and review the About page of Inside AirBnb (specifically read their disclaimers near the bottom) to identify any issues that might impact the accuracy of the data.
- Include your descriptive statistics (per Chapter 2 and 3) and explain what they are intended to show a decision maker. For instance, you might calculate the average price per night for a variety of neighborhoods (Chapter 3) and then create a chart to compare neighborhood costs per night (Chapter 2). Such information could help a bike and wine tour business decide how to price its tours to match the budget of travelers staying in that neighborhood.
- Explain some potential business implications based on your preliminary data analysis. For example, secondary research may show that there is no bike and wine tour business in multiple neighborhoods and the data analysis suggests that AirBnB rental prices are moderate, and therefore tour prices should be made affordable.
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