Hello I need help with the following assignment. I have attached the assignment

 

 

Assignment 1: Median Home Values: CFO/HR Policy Study
Due Week 10 and worth 140 Points
You are the Chief Financial Officer of a rapidly expanding firm. You have been tasked to work
which your companies HR Director to determine the impact of company’s expansion plans on
salaries. Here is the problem
The firm for which you are working is growing. They have announced that they will open
facilities in ten states. Those currently working for the firm will have opportunities to re-locate
at some of these new facilities. The problem faced is the following: What will be the cost of
moving employees to potentially high housing cost locations. The company’s current policy is
that employees moving to a location where the cost of housing is 2 standard deviations above the
national average of median home prices will receive an automatic 10% salary adjustment.
Therefore, you must determine in how many of the new states you will have to pay the increased
salary.
The company expects to open new locations in the following ten states.
Oklahoma
Texas
Louisiana
Florida
Arizona
New Mexico
Nevada
Utah
Colorado
California $112,900
$128,400
$138,800
$154,900
$158,100
$159,300
$161,300
$209,000
$235,800
$358,800 You have assembled the following data and will perform the following statistical analyses to
determine in how many states the company will have to pay increased salaries.
1. Calculate the mean, median, and standard deviation for both the sample of new states in
which you will have facilities AND calculate the mean, median and standard deviation
for the national population of median home prices. You note that there are 51
observations in the population.
2. For the population mean construct the 95% confidence interval.
3. Determine how many of the sample state fall outside the confidence interval and identify
the states. 4. Formulate an appropriate hypothesis test to determine if you suspicion is correct that the
new states in which you will be building facilities have higher average median price for
home than the average median price for the population.
5. Based on your conclusion from the hypothesis, is it likely that the firm will experience a
significant increase in its salary cost. Prepare and explain your calculations. Use the evidence to write a paper explaining your
decisions: In how many and which states will increased salaries have to be paid and will
the company experience a significant increase in salary costs.
Your assignment must follow these formatting requirements:
1. It must be types, double spaces and use Times New Roman font 12
2. It must have one-inch margins on all sides.
3. You are not required to cite references for formulas, definitions, etc.
4. It must have a title page and running header. Median Property Value by State: Homes 2010-2012 US Census Report Home Value
Price In Current Dollars
2010-2012 Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana $123,400
$241,400
$158,100
$106,900
$358,800
$235,800
$278,600
$235,900
$436,000
$154,900
$149,300
$503,100
$160,000
$179,900
$122,600
$124,300
$128,500
$120,800
$138,800 Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming $173,900
$289,300
$328,300
$119,200
$185,800
$100,000
$137,100
$183,600
$127,800
$161,300
$239,100
$325,800
$159,300
$286,700
$152,800
$130,500
$130,600
$112,900
$233,900
$164,700
$245,300
$136,300
$131,600
$138,400
$128,400
$209,000
$215,700
$243,100
$256,500
$98,300
$167,200
$183,200 Data from Home Value and Homeownership Rates: Recession and Post-Recession Comparisons
From 2007-2009 to 2010-2012 US Census Report ACSBR 12-20