Description
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 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. How to Write an Executive Summary That Gets the Job Done 2023.pdf
Things to Consider:
To help you make this decision here are some things to consider:
Based on the MLR output, what variable(s) is/are significant?
From the significant predictors, review the mean, median, min, max, Q1 and Q3 values?
It might be a good idea to compare these values to what the New York value is for that variable. Remember New York is the baseline as that is where headquarters are located.
Based on the descriptive statistics, for the significant predictors, what city has the best potential?
What city or cities fall are below the median?
What city or cities are in the upper 3rd quartile?
Unformatted Attachment Preview
MATH302 Final Project Description
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.
How to Write an Executive Summary That
Gets the Job Done
by Maricel Rivera | Updated Aug. 5, 2022 – First published on May 18, 2022
How to Write an Executive Summary: Step-By-Step (2023) (fool.com)
The executive summary condenses the major points of a larger document,
usually a proposal or a business plan. Here, we discuss the considerations
and steps to writing one.
Picture this: You’re in a bookstore, and you come across a cool-looking book.
Great title. Looks like somebody cared enough to make the cover look good,
too. There’s just one thing, though. You don’t know who the author is.
Should you take a chance on him? Will the book be worth your time and
money? To find out, you start reading the description. “Nah,” you tell yourself
a minute later, “I’ll pass,” suddenly visualizing the piles of crime novels
sitting on your bedroom floor still waiting to be read.
Now imagine that instead of a contract employee deciding whether to buy a
book, you’re an investor looking for a project to finance. You pick up the first
file in a stack on your desk. Instead of the blurb on a hardback’s dust jacket,
you go over the executive summary.
Will you want to know more about the project? Or toss the file where it will
never be seen again?
The answer will largely depend on what the executive summary says.
Overview: What is an executive summary?
An executive summary condenses a much longer document and conveys its
findings, takeaways, and recommended action plans. It often appears as the
introductory section of a research study, white paper, or business plan. In
project management, it accompanies documents such as a project
proposal, statement of work, or project charter.
Usually 1-4 pages long, depending on the size of the document it’s based on,
it provides readers with an overview of the major points so they don’t have to
read the entire material.
As is characteristic of summaries, the executive report summary is usually the
last to be written and the first to be read. However, there is no rule saying it
has to be written last. You can, of course, write it first and use it as a loose
outline to be refined later when your project proposal or business plan is
done.
Sometimes referred to as the management summary, it’s also the most
frequently read section of a document and, in some cases, the only portion
an executive or investor might read.
So if you’re looking to boost your business budget or secure funding for a
project that’s tied to a major business development initiative, treat the
executive summary report as your elevator pitch, the hook to lure your target
audience into learning more about your project, business plan, or proposal.
How to write an executive summary
What you include in an executive summary will vary depending on the
content it covers. For example, a startup plan may contain a description of
your product or service, financial projections, key business metrics such as
revenue growth, and your funding request.
A project proposal executive summary may provide an overview of
the project scope and constraints, a summary of the project resources, a highlevel explanation of the change management plan, a description of the major
deliverables, and so on.
So think about the type of information your target audience would be
interested to know in the few minutes they’ll allot to your executive
summary. Also, you may sometimes be required to follow certain formatting
guidelines, so review any instructions relating to length and overall format.
The steps below will cover the key components to include when writing an
executive summary for a proposal.
Step 1: Start with an attention-grabbing opening
Open with a bang. Capture the client’s attention right out of the gate. You do
that not by talking about yourself. Talk about them and the issue they’re
trying to address.
Here’s an example executive summary format for your opening:
Firefly & Co. is a brand poised to reach great heights in the plus-sized women’s
clothing industry. High-quality, reasonably priced basic wardrobe staples — you
can’t go wrong with that! Especially with Firefly’s ethical and sustainable
production practices.
Evidence of Firefly’s growing clout is its ever-increasing social media following.
In just less than a year, it has gained over 1 million followers on Facebook and
Instagram. While that is an accomplishment in and of itself, what Firefly fails to
leverage are the benefits of an e-commerce store.
Tip: Be concise and direct. Build a solid case, and do so in a captivating way.
Step 2: Define the problem
Clearly state the problem or goal your proposal aims to address. You want to
assure the client or sponsor that you fully understand the situation.
Here’s an executive summary example defining the problem:
All purchases are currently done in physical stores. This limits sales potential and
the possibility of gaining new customers. With the upcoming launch of Firefly’s
summer bag collection, there’s no better time than now to step up its online
presence.
Tip: Be very clear about the business need behind the project. The focus here
is the client and their pain point, not you or your company — not yet, anyway.
Step 3: Describe the solution and expected outcome
Next, briefly explain the solution you’re proposing. Then, give them a mental
picture of what their business would end up looking like once their problem
is solved. You want to touch on the business benefits of the completed
project, which will generally come in the form of:
•
•
•
•
Money: Better sales numbers, more cost savings, better use of ad
dollars, more loyal customers, etc.
Time: More time for other value-adding initiatives
Authority: Better brand name recognition, industry leadership
Efficiency: Simpler, more streamlined processes
Here’s an example of an executive summary describing the solution and
expected outcome:
All this can be done with Shopify, a full-service e-commerce platform that
provides retailers with an easy-to-use interface for creating professional-looking
websites. It comes with all the features they need to manage product listings,
inventory, sales, and customer information. It even offers customers different
ways to pay — debit or credit cards, mobile wallets, and more!
These features can better translate Firefly & Co.’s social media success into
profits. With a Shopify store, your customers won’t always have to travel to your
store to get the Firefly essentials they need.
Tip: Keep things high level while still giving readers something to be excited
about.
##promo-body-ecap##
Step 4: Provide evidence that you can deliver
This is where you briefly talk about your expertise and whether you’ve done
any similar projects before — your qualifications, essentially. You want the
client to know that you or your team can deliver on time and within budget.
If you can, include relevant figures to highlight your ability to get things
done.
Here’s an executive summary sample offering proof of your expertise:
We, at Wildling Creatives, have used Shopify in multiple projects, and most of our
clients have seen growth in sales by up to 50% within six months of integrating
their brick-and-mortar store with an e-commerce site.
We’re a team of handpicked professionals with a combined 30 years of
experience in e-commerce marketing. We’re certified Shopify experts, and with
our eyes for good design, web development skills, and expert knowledge in
business and e-commerce, we’ve been helping brands like yours create and
improve their online shopping presence for years.
Tip: Talk about your strengths, but never lie. Make sure the numbers you
include are accurate. If you haven’t already, use project management
software for easier tracking and retrieving of key project management
metrics such as return on investment and profit margin.
Step 5: Include a call to action
Explain why they should work with you and what they can achieve by doing
so. Your call to action can also include your contact information, in case the
executive has a question.
Here’s an example:
E-commerce is the way forward. Done right, an unprecedented sales boom is just
around the corner.
By partnering with Wildling Creatives, not only will Firefly & Co. significantly
boost local sales and improve brand recognition, but it will also open its doors to
international customers. We’ve done it for swimwear superstar Bonnie Smith
Swim Co., and we’re confident we can also turn Firefly & Co. into the global
success it’s meant to be.
If you’re ready to take the next step, this proposal outlines in more detail what
you can expect and how we’ll do it. If you have any questions, I’d be happy to
personally take your call at (55) 555-5555.
Tip: The goal of an executive summary is more to sell than describe, so this
is where you try and close the deal.
To get a better sense of how different executive summaries look, here are
templates you can download from Microsoft, Smartsheet, PandaDoc,
and Examples.com.
Considerations before you submit your executive summary
Now that you’ve written your executive summary, you want to give it a runthrough before you send it off to investors, clients, or potential partners. Be
sure to check for the following:
1. Length
An executive summary should be brief, usually just one or a few pages long.
It cannot be comprehensive. If your reader has questions, they can read the
details in the proposal or business plan. As a rule of thumb, the length of
your executive summary should be between 5-10% of the full report or
proposal.
2. Language
Avoid jargon. Use language your target audience understands. Writing for
medical experts will be vastly different from writing for people in finance.
3. Content
Discuss the major points in the same order as they appear in the full
document. Refrain from introducing information not found in the proposal.
And, of course, edit and proofread. You don’t want any typos or errors in your
executive summary.
4. Format
Check if there are any formatting guidelines to follow. Otherwise, structure
your executive summary in a way that’s easy to skim. Instead of long blocks
of text, use bullet points to break down complex information,
headings/subheadings to organize topics, and even images to enhance the
reader’s understanding of the summary.
Also, it’s a good idea to get someone to critique your executive summary to
see if there’s anything you’ve forgotten to include.
Making your executive summary work
A project goes to the project planning stage because the client or a body of
decision-makers believes it can solve a problem. But before that, the project
manager or service provider writes a proposal, which generally takes time to
write. Surely, you don’t want all your efforts to go to waste.
With a well-written executive summary, you get to highlight all the good
points of your proposal and entice your target audience to take action.
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