#3

Instructions: You may work with ONE other person. Make sure BOTH names on are on the completed document. Complete all of the required questions below in a WORD document. You will submit that WORD document to me via the assignment on Canvas. You must use your own words. Do not copy and paste from other sources, including other students. Background: As a UNI student, you must pay tuition. In order to do so many students work during the summers and/or during the school year to afford tuition. Imagine your roommate, who is not an accounting major, works full-time during the summer to cover as much of the tuition as possible for the upcoming academic year and works part-time during the academic year to ay for living expenses. Your roommate typically brings in $1,150 in net pay each month during the school year and tries to follow the monthly budget below: Required: 1) Create a chart to visualize the proportion of your roommate's budget that is needed in each category (a form of visualizing descriptive statistics). ple 2) Last month, your roommate was able to stay on budget for everything except when actual spending was: $180 on food, $40 on entertainment, and $20 on household supplies. And difference over or under budget comes out of or goes to savings. Create a chart to show both the budgeted and actual amounts for each expense category (a form of visualizing descriptive statistics). 3) Help your roommate to better understand why they went over budget on food last month. Provide at least 3 possible explanations (diagnostic analysis). 4) Are there any external data sets that your roommate could use to better evaluate whether their budgeted amount for rent is on par with other comparable units in the area? Currently you and your roommate are the only ones living in your unit, and each of you pay half of the rent. - 5) Your roommate is expecting a raise in pay next month, which means they can consider bringing home a higher paycheck for working the same number of hours, or they can consider cutting back on hours and bringing home the same amount as they currently do. Explain how they could use a what-if analysis (predictive analytics) to consider different scenarios. Demonstrate at least two scenarios