Question
In order to do pay for college tuition many students work during the summers and/or during the school year. My roommate works full-time during the
In order to do pay for college tuition many students work during the summers and/or during the school year. My roommate 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 pay for living expenses. My roommate typically brings in $1,150 in net pay each month during the school year and tries to follow the monthly budget below: Rent (utilities included) $ 500 Food $ 165 Entertainment $ 50 Bus pass $ 100 Internet and phone $ 75 Household supplies $ 40 Renter's insurance $ 20 Health insurance $ 150 Savings $ 50 Total $ 1,150
I want to help my roommate manage his budget. I need help with the following tasks:
- A chart in MS Word to visualize the proportion of my roommate's budget that is needed in each category (a form of visualizing descriptive statistics). 2) Last month, my 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. A chart to show both the budgeted and actual amounts for each expense category (a form of visualizing descriptive statistics). 3) Help my 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 my roommate could use to better evaluate whether his budgeted amount for rent is on par with other comparable units in the area? Currently me and my roommate are the only ones living in my unit, and each of us pay half of the rent. 5)My roommate is expecting a raise in pay next month, which means he can consider bringing home a higher paycheck for working the same number of hours, or he can consider cutting back on hours and bringing home the same amount as he currently do.Explain how he could usea what-if analysis (predictive analytics) by considering 2 different scenarios.
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