Microsoft Word - T2 2020 BISY3001 A4 Briefing.docx Unit Assessment Type Assessment Number Assessment Name Weighting Alignment with Unit and Course Due Date and Time Group Assignment A4 Data Mining &...

1 answer below »

View more »
Answered 4 days AfterMay 31, 2021BISY3001

Answer To: Microsoft Word - T2 2020 BISY3001 A4 Briefing.docx Unit Assessment Type Assessment Number Assessment...

Mohd answered on Jun 02 2021
142 Votes
Introduction
In this project we are building a predictive housing price model with maximum accuracy using linear regression. First we want to find a list of significant contributors to house prices. We have thirteen independent variables. We have done feature engineering to clean the dat
a. We have chosen a linear regression estimate to predict the house price of Boston data. We have eliminated insignificant predictors from the model. Some variables were eliminated inorder to avoid any kind of multicollinearity presence. Multicollinearity severely affects our model performance and predictive ability. We have partitioned data into two group validation and training. In future several other machine learning models can be applied to this data in order to boost efficiency of the model.
Importance of the chosen area:
Due to exponential growth in the real estate market whether it's the rental market or property market. We have seen the success of Air bnb, VRBO and other housing services providers. They have built models to evaluate property prices depending on many significant factors. Housing platforms could be another reason to build this model.
We can build a prototype using a web page on which we enter several essential information regarding the house like location, owner origin and income. We can train models with existing data. Whenever users or clientele enter certain required information they could get an estimated price of their house.
Why this data set is interesting
This data was first used in the 1976; journal of environmental economics and management. We can use this data to build a predictive model for house prices. That can be used for house rental purposes to better evaluate house prices or real estate properties sales platform 9r entity.
What has been done so far:
Earlier researchers have investigated problems related with housing price data to measure the respondent willingness to pay for clean air. They have used hedonic price models and Boston housing data. They have calculated estimates of respondent willingness to pay for clean air.
We are using this data to predict prices using boston data variables,for example crime rate in the area. We can build a linear regression model to estimate house prices for many applications like rental Market real estate and government purposes.
•Description of the present experiment1.
We are using feature engineering, feature selection, and linear regression modelling techniques to build a predictive model of median price for boston houses. We want to assess model performance on validation dataset in order identify whether our model is underfit or overfitted. Both situation must be avoided in order to achieve desired results.
Data preparation and Feature extraction:
Select data:
First we have checked all columns for any type of missing values or outliers. Fortunately there were no...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here
April
January
February
March
April
May
June
July
August
September
October
November
December
2025
2025
2026
2027
SunMonTueWedThuFriSat
30
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
1
2
3
00:00
00:30
01:00
01:30
02:00
02:30
03:00
03:30
04:00
04:30
05:00
05:30
06:00
06:30
07:00
07:30
08:00
08:30
09:00
09:30
10:00
10:30
11:00
11:30
12:00
12:30
13:00
13:30
14:00
14:30
15:00
15:30
16:00
16:30
17:00
17:30
18:00
18:30
19:00
19:30
20:00
20:30
21:00
21:30
22:00
22:30
23:00
23:30