Statistics

Scenario Background:
A marketing company based out of New York City is doing well and is looking to expand internationally. The CEO and VP of Operations decide to enlist the help of a consulting firm that you work for, to help collect data and analyze market trends.
You work for Mercer Human Resources. The Mercer Human Resource Consulting website (www.mercer.com) lists prices of certain items in selected cities around the world. They also report an overall cost-of-living index for each city compared to the costs of hundreds of items in New York City (NYC). For example, London at 88.33 is 11.67% less expensive than NYC.
More specifically, if you choose to explore the website further you will find a lot of fun and interesting data. You can explore the website more on your own after the course concludes.
https://mobilityexchange.mercer.com/Insights/cost-of-living-rankings#rankings
Assignment Guidance:
In the Excel document, you will find the 2018 data for 17 cities in the data set Cost of Living. Included are the 2018 cost of living index, cost of a 3-bedroom apartment (per month), price of monthly transportation pass, price of a mid-range bottle of wine, price of a loaf of bread (1 lb.), the price of a gallon of milk and price for a 12 oz. cup of black coffee. All prices are in U.S. dollars.
You use this information to run a Multiple Linear Regression to predict Cost of living, along with calculating various descriptive statistics. This is given in the Excel output (that is, the MLR has already been calculated. Your task is to interpret the data).
Based on this information, in which city should you open a second office in? You must justify your answer. If you want to recommend 2 or 3 different cities and rank them based on the data and your findings, this is fine as well.

Deliverable Requirements:
This should be ¾ to 1 page, no more than 1 single-spaced page in length, using 12-point Times New Roman font. You do not need to do any calculations, but you do need to pick a city to open a second location at and justify your answer based upon the provided results of the Multiple Linear Regression.
The format of this assignment will be an Executive Summary. Think of this assignment as the first page of a much longer report, known as an Executive Summary, that essentially summarizes your findings briefly and at a high level. This needs to be written up neatly and professionally. This would be something you would present at a board meeting in a corporate environment. If you are unsure of an Executive Summary, this resource can help with an overview. What is an Executive Summary?

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Evaluation/Grading of your Final Project Math 302 Final Project will open up Friday morning of Week 6 in the course. You have 3 full weekends to review and work on the Final Project.

Content addressed in the Final Project In the final project, you are given a data set and a regression output. The concept of a data set should be something that you are familiar with because you collected one during Week 1. There are descriptive statistics that go along with said data set, which should also be familiar because you calculated descriptive statistics during Week 2. The Regression output won’t look familiar to you until Week 7. Once you go through the Lessons and the Discussion Forum, (particularly your second response post) you should be familiar on how to run a Regression and what a Regression output looks like from the ToolPak. By the end of Week 7, you will have all the information needed to write up the Final Project. There is nothing new that you learn in Week 8 needed for the write up of the final project.

Final Project Overview The final project is worth 100 points and no calculations are needed. You will write up an Executive Summary on what city you chose to open a second location in and justify the results. Again, no calculations are needed because you will be writing up your own Executive Summary that will then be submitted through Turnitin. From Turnitin, an originality report will be generated. No Turnitin report should exceed 20% of originality because you are writing this up in your own words. If any originality report is over 20%, then further action will need to be required from your instructor. This can include an automatic failure and 0 for plagiarism. If you have questions on what Academic Plagiarism is, please contact your instructor.

Grading Breakdown: 1) Executive Summary – up to 10% a. Please review what an Executive Summary looks like: ▪ What is an Executive Summary? b. Must have cover page. 2) Grammar – up to 10% a. Spell and grammar check your work. b. Make sure you have correct punctuation and complete sentences. 3) State significant predictors – up to 25% a. Must state which predictors are significant at predicting Cost of Living and how do you know. b. Show the comparison to alpha to state your results and conclusion. c. Do these significant predictors make sense, if you want to relocate?
4) Discuss descriptive statistics for the significant predictors – up to 25% a. From the significant predictors, review the mean, median, min, max, Q1 and Q3 values. b. What city or cities fall above or below the median and/or the mean? c. What city or cities are in the upper 3rd quartile? Or the bottom quartile? d. How do these predictors compare to the baseline of NYC? What cost more or less money than NYC? 5) Recommend at least 2 cities to open a second location in – up to 30% a. You must justify your answer for full credit. b. You need to use the Significant Predictors AND Descriptive Statistics in your justification. c. Justification without the use of Significant Predictors WILL NOT get full credit. d. Justification without the use of Descriptive Statistics WILL NOT get full credit. You need to use both. e. For example, let’s look back at London. London at 88.33, is 11.67% less expensive than NYC. But that doesn’t mean London is a good place to open a second location once you discuss the significant predictors and how it relates back to each city. f. Use what you have learned in the course and analyze all the data not just what you see on the surface. g. You must use the numbers and the output to justify your answers. Do not use any outside resources to justify your answer. Only use Significant Predictors AND Descriptive Statistics

Cost of Living in Major Cities

ANSWER

Cost of Living in Major Cities

Introduction

The amount of money required to sustain a certain standard of living within a city is referred to as the cost of living in the city. The cost of living caters for the costs of the basic expenses such as Healthcare and housing within the city. The wages and mind-blowing within a city are hired to the cost of living in that city. Higher expenses within a city implies that employees are likely to be paid higher wages.

Cost Of living In New York

New York city is known to be the business capital of the world. A three-bedroom apartment in Manhattan can cost more than $4200. Renting in New York City neighborhood such as in Marble Hill can cost up to 2300 dollars a month. The cost of living in New York City is rated at 100 against the cost of living index in major cities in the world. The monthly public transit can cost up to $121 in monthly periods basic food such as bread and milk and cost three and four dollars consecutively.

Preferred City for Second Office

Boston is the best preferred City for the second office. An apartment in Boston fans for up to 3400 dollars to one. There are not many homegrown financial companies in Boston as compared to New York City area the cost of living is cheaper by 30% in Boston as compared to New York City. The low cost of living will imply that the company will not have to pay as high wages to their employees as in New York City.

Conclusion

The cost of living caters for the costs of the basic expenses such as Healthcare and housing within the city. The cost of living in New York City is rated at 100 against the cost of living index in major cities in the world.