The Workplace For The Aging Workforce - 1000 Words

Occupational Therapy can promote, health, safety and productivity for older workers in today’s increasingly aging workforce. The average life expectancy has increased from 70.8 years in 1970 to 77.2 years in 2001. According to the Bureau of Labor Statistics, 63 million Americans are above the age of 65. Perry, PE, CPE, L. Designing the Workplace for the Aging Workforce, How to use Ergonomics to Improve the Workplace Design. http://195.28.226.39/NR/rdonlyres/AEFC0FF5-EE0B-4765-B5D4-F640D99E1412/0/Designingtheworkplacefortheagingworkforce.pdf.) Ten million adults over the age of 65 are still working, and that number is expected to double over the next ten years due to extended careers, second careers and longer life expectancy. People above retirement age continue to work for social, financial and healthcare benefits. One of the industries affected the most by this aging workforce is the manufacturing industry. The manufacturing industry has one of the highest injury and illn ess rates across all sectors and poses more of a risk to aging workers. As we age we change in several different ways. It has been documented that people over 65; have a 25-30 percent decrease in strength and lose 18-20 percent of their flexibility. Balance is also an issue, with one third of people over 65 taking a serious fall each year. Sight, reaction time and speed as well as motor skills deteriorate. One third of people between the ages of 65 and 74 have issues with hearing. Additionally, extremeShow MoreRelatedThe Treasure Trove Of The Aging Workforce Essay953 Words   |  4 Pages The Treasure Trove of the Aging Workforce Tajh T. Stegall Southern New Hampshire University Human Behavior in Organization 19 February 2015 Abstract: â€Å"The Treasure Trove of the Aging Workforce† is simply stating how individuals in today’s workforce are working past the previous established retirement age of 70. Most of the older individuals are in a fast-growing segment of older workers, averaging over the age of 55. Treasure Trove of the Aging Workforce explains how these individuals areRead MoreEssay MBA Assignement 2812 Words   |  4 PagesCase Incident 2: â€Å"The Treasure Trove of the Aging Workforce.† Introduction As a healthcare provider I deal with aging population on daily basis. Although healthcare advances have affectively increased age of survival, it does not change the lifestyles and employment challenges in the elderly. Given the economic downturn in the last decade, significant amount of population had to change their retirement goals or had to return to workforce to maintain their lifestyles. As an employerRead MoreNonfatal Eccupational Injus922 Words   |  4 Pagesthe cases. These claims are further supported by both the Centers for Disease Control (CDC) and the BLS which report, injuries to the aging come with higher costs, slower return to work, and longer durations of workplace absences due to injuries or illness. Some gender disparities also exist. According to the BLS, men, who make up 52 percent of the older workforce, account for 55 percent of the injuries. Older men are also more likely to stay away from work longer than women, at 14 days versusRead MoreHow Human Resource Planning Is Different From Manpower Planning? Essay1494 Words   |  6 Pagesachieve its goals. This is a process, which continuously runs in an organization. It adapts the change, which means that it keeps on changing its strategies so as to meet the uncertain conditions in an organization. Its main aim is maintain quality of workforce; therefore it requires skilled and experienced employees. Aim of Human Resource Planning: - †¢ Identify Business Strategies, needs and conduct job analysis †¢ To avoid manpower shortages or surpluses. †¢ To enhance and develop the skills of the employeesRead MoreDesire to Retire: Increasing Age Diversity in the Workplace1200 Words   |  5 PagesDesire to Retire: Increasing Age Diversity in the Workplace As a result of demographic changes in many industrialized countries, organizations are experiencing increased age diversity (Hertel, Van der Heijden, de Lange, Deller, 2013a). In the US, this is due to the aging baby boom generation (Schram, 2006), and organizations are faced with adjusting to the changing demographic. By contrast, in Europe and China the labor force is shrinking (Cheung Wu, 2013; Schermuly, Deller, Busch, 2014)Read MoreNursing Shortage And Its Effects On Health Care Policy877 Words   |  4 Pagesprojected increased of registered nurse employments by year 2018 is estimated to grow more than five hundred thousands of new registered nurses positions and about an increase in size in workforce by 22 percent (Carol Huston, 2014, p. 71). Nursing shortage arises when organizations want more nursing personnel in the workforce at the current market than they can get. Supply and demands aspects of increasing numbers of populations are driving the shortage as well. The d emands means the amounts of high qualityRead MoreWhy Do Employers Operate Disability Management Programs1415 Words   |  6 Pages1) Employers operate disability management programs because it gives them a structured way to manage workplace costs associated with workplace illness and injury. Costs can be controlled through maintaining skilled workers and limiting absences to maintain a productive workforce. The program is also thought to â€Å"prevent workplace injury and illness and to accommodate workers in a manner that facilitates early and safe return to work.† (Management of Occupational Health and Safety, 2011, 329) I alsoRead MoreThe Future of Human Resource Management1104 Words   |  5 Pagespeople they work with. Defining Humane Resource requirements is not an easy assignment, given the dynamic rate of change in the workplace. Globalization, changing technologies, diversity and changing workforce composition is challenging managers to utilize their employees more effectively to gain competitive advantage. Given these speeding changes occurring in today s workplace, any Humane Resource professional wishing to make a strategic contribution must look closer to the future and think ahead moreRead MoreAge-Related Diversity Issues at the Workplace1683 Words   |  7 Pagesï » ¿Workplace Diversity Issues Age-Related Introduction Study #1 Older people are not retiring as the traditional age of 65 as they once did. According to a research paper published by the U.S. Bureau of Labor Statistics (BLS) between 1977 and 2007, the number of employed workers over the age of 65 †¦increased 101 percent (BLS). For men 65 or older still at work, the increase (between 1977 and 2007) reflects a 75% rise; as for women, the number of those 65 and older rose by an impressives147 percentRead MoreThe Aging Workforce And Its Impact On Organizations1430 Words   |  6 PagesThe Aging Workforce and Its Impact on Organizations Abstract There are approximately 76 million baby boomers in the United States. These are the people that were born between 1946 and 1964. Baby boomers make up one-third of the workforce in the United States. Unfortunately, there are not enough younger workers to replace the older workers. Labor shortages in key industries will force a radical rethinking of recruitment, retention, flexible work schedules and retirement. About 76 million baby boomers

Essay Thomas Jefferson and Monticello - 870 Words

A person’s house can show you a lot about that person. In my own room you would probably find that I have a big appreciation for books, but don’t you wonder what the inventor and third president’s house showed you what he was like? Thomas Jefferson was a very important man; however, there are many more sides to him than you think. Initially, the Northeast Portico displays Thomas Jefferson’s deep appreciation for Architecture. Jefferson himself got the idea for this wall from James Gibb’s Book of Architecture. He used the book and designed a wall based on one of his designs. The original blueprint was supposed to be used for an octagonal structure, and Jefferson used it for just one wall. This shows that Jefferson cares for architecture†¦show more content†¦Next, his Mandan Buffalo Robe also shows his understanding of history and the arts. Most painted robes were used as traditional clothing and articles of trade for Native Americans. Some of these robes are painted with a scene usually a scene that the person receiving the robe fought in. Meriwether Lewis and William Clark sent a package to Thomas Jefferson filled with seven buffalo robes one that had a painted scene. Putting a piece from a famous expedition shows that he is aware that he must preserve a piece of history so that’s other can look back at this piece of history. Thomas Jefferson understands the History and Arts very much, so his Entry Hall reflects this part of him. Jefferson’s love of people and games are evident in the parlor room. The Parlor Room was filled with many paintings of important figures and friends of Jefferson’s. Benjamin Franklin, George Washington, and Thomas Jefferson Randolph are just some of the many paintings included in the parlor. He had used this room as a place to invite friends and colleagues to come over and play games and have fun. Jefferson included many chairs, in this room to have lots of people over and allow them to sit down whenever they would like too. The parlor room was often a place for family weddings, dances, and christenings. A wedding is a cheerful ceremony between two families joining together. Weddings have families that bring cheer and happiness. An anti-social person wouldShow MoreRelatedEssay on Thomas Jefferson ´s Monticello735 Words   |  3 PagesThomas Jefferson ´s Monticello Thomas Jefferson once said that Architecture is my delight, and putting up and pulling down, one of my favorite amusements. He spent much of his life putting up and pulling down, most notably during the forty-year construction of the Monticello. Influenced by his readings of ancient and modern architectural writings, Jefferson gleaned the best from both his readings and from his observations in Europe, creating his own personal style of architecture, a mixRead MoreWho Is Thomas Jefferson?993 Words   |  4 Pages Who is Thomas Jefferson? Matthew Backlin United States History 1 A CP October 18, 2015 Who was Thomas Jefferson? Most people just think of him as the man who wrote the Declaration of Independence or just one of our many presidents. That’s not the case. Jefferson was more than that, He was a very intelligent man and a loving father and grandfather. Thomas Jefferson was also an inventor and one of the most significant men in the history of makingRead MoreMoney Can Be Seen As A Root Of Evil1054 Words   |  5 Pagesof pure corruption. Thomas Jefferson remains an icon in American history, despite the travesties he attributed to involving slavery. Jefferson once preached equality until he got a taste of the lavish life. Upon the inheritance of slaves, Jefferson receives a first-hand experience of the luxury of being a slave owner. Jefferson utilizes slaves to achieve economic success without regard to the suffering accompanied with the gruesome work. With his multitude of slaves Jefferson gains riches throughRead MoreEssay Thomas Jefferson1012 Words   |  5 Pages Thomas Jefferson was born on April 13, 1743 in Albermarle County, Virginia. He was born in a simple four-room house in Shadwell, Virginia, what is now Monticello. His father, Peter Jefferson, was a planter who was a bright, brave, and strong man. His mother was a very gentle lady. She was boring under one of the most distinguished families in the area. His family had prospered since the first Jefferson arrived in America from Whales in 1612. Soon after Jefferson’s birth, the French and British beganRead MoreAditi Patel. Hist 1301. Prof Endsely. April 29, 2017. Thomas1046 Words   |  5 PagesAditi Patel HIST 1301 Prof Endsely April 29, 2017 Thomas Jefferson In Shadwell, Virginia, Thomas Jefferson was visualized on April 13, 1743. He was not only the third president (1801-09) of the United States of America. He was also an originator of the U.S. Assertion of Independence; the country s first secretary of state (1789-94) and second VP (1797-1801). Jefferson passed on to the great beyond in bed at Monticello (located near Charlottesville, Virginia) on July 4, 1826. On April 13, 1743, theRead More thomas jefferson Essay912 Words   |  4 Pages Thomas Jefferson was Born on April 13, 1743,on a farm called Shadwell, what is now called Monticello, in the county of Albermarle, Virginia. Jefferson was the third child in the family and grew up with six sisters and one brother. At the age of five, Jefferson was placed by his father, Peter Jefferson, at an quot;English school, for four years, where he developed an interest in botany, geology, cartography, and North American explorationquot;. After English school, was transferred to a Latin schoolR ead MoreEssay on Thomas Jefferson: A Controversial Man1785 Words   |  8 Pages Most people only know Thomas Jefferson as the third President of the United States but he was much more than that. Thomas Jefferson was a very controversial man. From his work as a Founding Father to the mysteries of his personal life, Americans continue to find him to be very intriguing. He challenged the way the government was run previously by the first two presidents and became an advocate for the people. This paper talks about Jefferson’s role as a leader during the creation of theRead MoreEssay on Thomas Jefferson1532 Words   |  7 PagesThomas Jefferson He is best remembered as a great president and as the author of the Declaration of Independence. He also won lasting fame as a diplomat, a political thinker, and a founder of the Democratic Party. Jeffersons interests and talents covered an amazing range. He became one of the leading American architects of his time and designed the Virginia Capitol, the University of Virginia, and his own home, Monticello. He greatly appreciated art and music and tried to encourage theirRead MoreThe House - Original Writing940 Words   |  4 PagesDuring the two years I lived in Charlottesville, Virginia, I passed by Monticello everyday on my way from home to school; I finally went up there to visit right before I left the town. Weaving through the giant plantation around it, the shuttle took us from the foot of the mountain to the hilltop, where the house rested. The house was relatively small compared to the size of the field surrounding it. Through several preservation and minor renovation, th e floor we stepped on was still the originalRead More Monticello: Jefferson’s Dream Essay2115 Words   |  9 Pages Monticello: Jefferson’s Dream â€Å"Monticello†, the Italian word for little mountain is the appropriate wording for Thomas Jefferson’s dream home. He picked out the site for such a fabled home as a young boy. At eight hundred and sixty-five feet tall, Jefferson truly does have his little mountain on which to live. Thomas Jefferson built his chalet in an abnormal spot in accordance with the times. Most if not all the people in the seventeen hundreds built their homes in the low lands or near

Types of Risk Free Essays

Introduction Long ago people viewed â€Å"risk† as the inevitability of chance which occurred beyond the control of humans. In today’s world the concept of â€Å"risk† has turned into riches, as risky ventures have become the norm in the business world. â€Å"Risk† therefore applies to decisions that can have a bad or good outcome. We will write a custom essay sample on Types of Risk or any similar topic only for you Order Now The different types of â€Å"risk† can include financial, legal, ethical, information technology, or even human resource since it can exist everywhere and at any time in our lives. When we eat, we encounter the risk of food poisoning, to cross the road we run the risk of being hit by a passing motor car or even when we drive, we can increase the risk of an accident. If no risk is done then, no breakthrough can be expected. Whether it is in your career, financially, or in your business. Once you fail to take a risk then you will suffer the consequences of making significant gains, which means that you run the risk of a possible loss. What is Risk? According to Mortimer (2005 p. 5) â€Å"risk† is any uncertainty about a future event which might threaten an organization’s ability to accomplish its mission. Which means that it can be the chance of something happening that will have a negative impact on an organization. It is the possibility of suffering a loss that is loss of quality income, loss of profit, loss of success or even loss of life. It means therefore that change involves â€Å"risk†, but once the set program has been attained or ha s achieved total success â€Å"risk† vanishes. It is therefore of great importance that the management of risk be well managed. â€Å"Risk management† was engineered into dealing with the possibility that some future event might cause harm. It includes strategies and techniques for recognizing and confronting treats of risk and provided an environment for proactive decision making for the proactive decision making, for the purpose of: * â€Å"What can go wrong† * â€Å"What will we do† * â€Å"How will or can it be resolved†. Success in business to a certain degree requires owners or managers to take â€Å"risk†. Most successful businesses are managed by people who know when or how to push forward and when or how to hold back, when to sell and when to stand firm. According to Yusof (2007) p. 1. â€Å"Risk is an undeniable reality of doing business today, whether globally or locally. Although failure is in a way linked to â€Å"risk†, the successful business person should not fear â€Å"risk† but strives to understand it, to manage it, or even try to take advantage of it. In that way the business person would be able to calculate the risk before taking it. Unfortunately the world of business now is exposed to more risk, such as high interest rate, inflation, recession, high exchange rates, even political and cultural risk to name a few. Therefore it takes a great deal of expertise to effectively manage risk in business. Financial Risk Financial Risk is associated with the use of debt financing by firms or companies, since the presence of debt involves legal and mandatory obligations to make specified payments at specified time period. There is a risk that the earnings of the firm may not be sufficient to meet these obligations towards the creditors. In case of the shareholders, the financial risks occur because it is not only the mandatory nature of debt obligations but also the property of ‘prior payments’ of these obligations. In short, the use of debt by the firm causes variability of return for both creditors and shareholders. Financial risk is usually measured by the debt/equity ratio of the firm: the higher the ratio, the greater the variability of the return and the higher the financial risk. Financial risk also involves liquidity risk, maturity risk, interest rate risk and inflation risk. Liquidity refers to situations wherein it may not be possible to dispose or sell the assets or it maybe possible to sell only at great inconvenience of cost in terms of money and time. The greater the uncertainty about true elements, price concession, and transaction cost; the greater the liquidity risk. Liquidity Risk has a different connotation from the point of view of banks and financial institutions. In this context liquidity risk refers to their inability to meet the liability towards depositors when they want to withdraw their deposits. Maturity risks arise when the term of maturity of the security happens to be longer. Since foreseeing, forecasting and envisioning the environment, conditions and situations become more and more difficult as we go more and more into the future. The longer term investment involves risk, the longer the term of maturity the greater the risk. Interest Rates Risks are the variability in the returns on security due to changes in the level of the market interest rates, or it is the loss of principal of a fixed term security due to an increase in the general level of interest rates. When interest rates raise the value or market price of the security drops or vice versa. The degree of interest rate is directly related to the length of time to maturity of the security. If the term to maturity is long then the market value of the security may fluctuate widely. Inflation Risk is the risk that the real return on security may be less than the nominal return. In case of fixed income security, since payments in term foreign dollars are fixed. The value of the payments in real term declines as the level of commodity prices increases. Inflation risk is also known as purchasing power risk as there is always a chance that the purchasing power of invested money will decline, or that the real return will decline due to inflation. Legal Risk Most legal risk arise from the possibility that a counterparty is not legally permitted or able to enter into a transaction. Legal risk is the risk that legal actions will impair the value of investment or it may be a risk from uncertainty due to legal actions or uncertainty in the applicability or interpretation of contracts, laws or regulations. This can cause a particular problem for companies who choose to transact business with other overseas businesses. Not only are they exposed to uncertainty relating to the laws of multiple jurisdictions, but they also face uncertainty as to which jurisdiction will have authority over any particular legal issue. This risk can be reduced by the company hiring experience corporate lawyers. Ethical Risk Ethical risks concern the impact that the business has on shareholders at the local, national and global levels. In some cases these risks can influence the organization’s intangible assets such as the human capital, the business reputation and its clientele. Some of the factors impinging ethical risks are: * The establishment of codes of conduct * Adherence to the code * Programme to improve performance * Good internal communication * Clearly defined mechanisms to encourage employees to respect possible violation. As the evolution of new devices in the field of information technology there is also an increased tendency for hackers to try to infiltrate company’s network. The company can also face risk associated with theft or release of personal data such as employees’ social security numbers and bank account numbers. A part of this risk can be reduced by installing firewall software and additional access codes. Human Resource Risk Another type of risk is human resource, this is most important within the company as companies demand skilled labours to work with the job market. Companies suffer or run the risk of hiring workers who are paid as qualified and skilled workers, when they are not. Other risks would include labour fluctuation and also a rise in the labour cost, which may result in strikes and lock-outs by trade unions and negligence. Companies can reduce the risk by providing incentives to the workers and also offer educational grants for workers to upgrade their careers. Political Risk Finally, the political risk can be describes as the type of risk has to do with the political decision making process within the environment for business. The lack of transparency and accountability in a political system whereby decisions which impact businesses can change dramatically due to political or social instability. The immediate resignation of the Prime Minister of Jamaica- Hon. Bruce Golding is an ideal example of political risk. Safety Risk When running a small company, every move a business owner or employee makes is a source of risk. In any case where high risk is involved, it’s prudent to consult a lawyer or other professional who can advise you on how to protect your business. If an owner runs a factory or other job site that requires workers to use machinery, equipment or vehicles in the course of business, workplace safety is a matter of utmost importance and a key source of risk. For this reason, they must follow guidelines set by Safety Health Administration. In addition to workplace safety concerns involving physical injury, health issues also pose a risk to some businesses, particularly medical offices and hospitals. Employees must observe strict rule and regulation to protect the public and themselves from health-related threats. Conflicts between employees are also a main source of risk for small businesses that employ workers. Risks include claims of discrimination (including sex, race, age and discrimination based on disabilities) and harassment from other employees. These issues could lead to expensive lawsuits for the business. The company must comply with rules set by government agencies like the Ministry of Labour and ensure that it follows proper procedures in all instances and with any situation involving these issues. Sources of Risk For companies that serve certain types of goods to the public, like food and skincare products, product quality is a major concern and a high source of business risk. Some products have the potential of harming the consumer if the company doesn’t take proper steps to meet quality standards. Negligence involving the products of these items could lead to legal issues and damage the company’s reputation Bibliography Al, M. A. (2004). Hanbook of Management 3rd Edition. London : Pearson Education . Bhole, L. (2004). Financial Institutions and Markets 4th Edition. New Delhi, India : Tata McCraw Hill. Mortimer, D. , S. Mortimer (2005) Quality and Risk Management. Cambridge University Press, London, England Yusof, Y. (2007). Managing Financial Risk. United Kingdom: Author House . How to cite Types of Risk, Papers

Zagat’s Publishes Restaurant Ratings for USA Location Case Study

Question: Write an essay on restaurant ratings for various locations in the United States. Answer: The report discusses about the Zagats publishes restaurant ratings for various locations in the United States. The file Restaurants contains the Zagat rating for food, dcor, service and the cost per person for a sample of 100 restaurants located in New York City and in a suburb of New York. The analysis on the data sets is done to determine the summated ratings and the costs of restaurant meals in the New York City and its surrounded areas. The report briefly explains the restaurant industry, its cost structure, its relationship with customers and their satisfactions, the quality of meals provided and moreover the correlation between costs of restaurant meal and services with the summated restaurant ratings. The assignment is done through simple linear regression for determining the correlation among the chosen variables. The New York City is full of these types of restaurants. Due to the citys huge diversity and spread, the restaurants are one of the biggest industries in that parti cular region. As there is diversified population staying and wandering, many tastes and types of restaurant meals are available in the NYC. Therefore, this report will broadly show with the data analysis that how the summated ratings of those restaurants are important in relation with the restaurant cost of meal. Data analysis and interpretation: Summated ratings and Costs of Restaurant Meals Zagats publishes restaurant ratings for various locations in the United States. The file Restaurants contains the Zagat rating for food, dcor, service and the cost per person for a sample of 100 restaurants located in New York City and in a suburb of New York. On the given data, a quantitative data analysis is done by simple linear regression taking the two variables as summated ratings and the cost of meals in the restaurants. Regression is the technique that interprets the relationship between two or more variables (Montgomery, Douglas, Elizabeth Peck, and Geoffrey 2015). Here the simple linear regression technique is applied to interpret the relationship between the two variables.Firstly, to show the relationship between the summated rating and cost of meals in the restaurant, the scatter plot is done by taking the dependent variable to be the summated ratings and independent variable being the cost of meals. Table 1: Plate gap and tear: Plate Gap Tear 0.00 0.00 0.00 0.00 1.80 0.45 1.80 0.85 0.00 0.35 0.00 0.30 0.00 0.70 0.00 1.90 0.00 0.25 -1.80 0.10 -1.80 0.15 3.00 3.90 -1.80 0.00 0.00 0.55 -3.00 0.00 -1.80 0.05 1.80 0.40 1.80 4.30 0.00 0.00 The above scatter plot shows a linear and positive trend line which is upward sloping. This means the relationship between the two variables is positive and increasing i.e. the high the value of number of plates, the high will be the rating in terms of the reviews. The rise in plates means rise in production and rise in revenue by the restaurant too. Therefore, this will cause higher ratings. The regression output is found through simple linear regression analysis that is given below: Table 2: Simple Linear Regression Output: SUMMARY OUTPUT Regression Statistics Multiple R 0.617347283 (correlation coefficient - strenght and direction of relationship (exel does not give us the sign) - from scatterplot we know it is positive R Square 0.381117667 (coefficient of determination) Adjusted R Square 0.344712824 Standard Error 1.024120857 Observations 19 ( ANOVA df SS MS F Significance F Regression 1 10.98 10.98 10.46887269 0.004860746 Residual 17 17.83 1.048823529 Total 18 28.81 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept (b0) 0.75 0.234949438 3.192176183 0.00533663 0.254300016 1.2457 0.2543 1.2457 Plate Gap (b1) 0.5 0.154532576 3.235563736 0.004860746 0.173964763 0.826035 0.173965 0.826035 Now, it is assumed and shown that the two variables are having a linear cost relationship. Therefore, the values of the coefficients b0 and b1 are- 0.75 and 0.5 respectively. According to the question when plate gap (x) increases by 1 unit, the predicted value of tear rating (y) increases by 0.5 units. Therefore, b0 and b1 have relationship which is greater than zero i.e. positive. A rise in plate gap of 1 unit will cause the tear rating increase of 0.5 units. At the same time, the positive intercept means that the curve starts from a positive value with positive slope. Predicted Y = 0.75 + 0.5x Predicted Tear rating = 0.75 + 0.5 (plate gap) When plate gap is 0, y = mx + c -- 0.75 + 0.5(0) = 0.75 It means that when plate gap (x) is zero, it means we are looking at the intercept, b0. Predicted tear rating = 0.75 + 0.5 (0) = 0.75 Therefore, the estimated simple linear regression equation is given by: Predicted Y = 0.75 + 0.5x Now, when the rating is 50, the predicted value of cost per plate is given by: 50= 0.75 + 0.5 (cost per plate) 50-0.75= 0.5x 5 x = 49.25 x= 49.25/0.5 x= 98.50 Here the residual analysis is done with the data on size of the restaurant and the value of rent. The data is given in the table below: Size Rent 850 950 1450 1600 1085 1200 1232 1500 718 950 1485 1700 1136 1650 726 935 700 875 956 1150 1100 1400 1285 1650 1985 2300 1369 1800 1175 1400 1225 1450 1245 1100 1259 1700 1150 1200 896 1150 1361 1600 1040 1650 755 1200 1000 800 1200 1750 Table 3: Size and rent data on restaurants: The above data shows a linear relationship with a positive trend. This means the size effect has a rising trend with the rent of a restaurant. Positive relationship indicates an increasing trend which means as size of a restaurant rises, the value of rent also rises. This has direct relationship with cost as rent is the fixed cost included in the total cost factor. Therefore, as size of the restaurant increases, the rent increases thereby increasing the total cost. Thus, the ratings will be affected with this cost value. If the cost is not overcome with the revenue and if the number of plates served is not high, the ratings will fall. This means rise in cost may cause fall in the total profit as well as the summated ratings regarding the restaurant meals. The summary output of regression analysis is given as below: Table 4: Summary output of regression between size of the restaurant and rent SUMMARY OUTPUT Regression Statistics Multiple R 0.850060796 R Square 0.722603356 Adjusted R Square 0.710542633 Standard Error 194.5953946 Observations 25 ANOVA df SS MS F Significance F Regression 1 2268777 2268777 59.91376 7.52E-08 Residual 23 870949.5 37867.37 Total 24 3139726 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept (b0) 177.1208202 161.0043 1.1001 0.28267 -155.942 510.1835 -155.942 510.1835 Size (b1) 1.065143906 0.137608 7.740398 7.52E-08 0.780479 1.349809 0.780479 1.349809 The above output indicates a predicted value for the size and rent equation, which is: From output, can see that b0= 177.12, andb1= 1.0651(x) Predicted rent = 117.12 + 1.0651 (Size) When the size of the apartment increases by 1 square feet, the predicted rent increases by $1.065 Y = mx + c -- Y = 177.1208 + 1.0651 (1000) = $1242.12 Predicted rent = 177.12 + 1.0651 (1000) = $1242.12 The histogram is formed regarding the values: Bin range Frequency Cumulative % 500 0 0.00% 1000 13 26.00% 1500 26 78.00% 2000 10 98.00% More 1 100.00% The cumulative frequency shows a rising manner. This rising frequency is shown in the linear trend equation. Positive relationship indicates an increasing trend which means as size of a restaurant rises, the value of rent also rises. This has direct relationship with cost as rent is the fixed cost included in the total cost factor (Cameron, Colin and Trivedi 2013). Therefore, as size of the restaurant increases, the rent increases thereby increasing the total cost. Thus, the ratings will be affected with this cost value. If the cost is not overcome with the revenue and if the number of plates served is not high, the ratings will fall. This means rise in cost may cause fall in the total profit as well as the summated ratings regarding the restaurant meals. The data is shown through the histogram presentation above. The above diagram is the representation of asking rest with the predicted rent of the restaurant. The values show rising manner in the data above. Data interpretation Now, taking all the outputs, summarized results can be found from the regression analysis. The regression results for size effects with the rent are given below: Regression Statistics Multiple R 0.850060796 R Square 0.722603356 Adjusted R Square 0.710542633 Standard Error 194.5953946 Observations 25 The above value of multiple R is 0.850060796, near to 1. Generally, the value of correlation coefficient i.e. R lies between -1 to 1. At the same time, the value of R square is 0.722603356. However, the value of R in this case is high, near to 1, meaning that there is a high correlation between the results for size effects with the rent (Chatterjee, Samprit and Hadi 2015). This has direct relationship with cost as rent is the fixed cost included in the total cost factor. Therefore, as size of the restaurant increases, the rent increases thereby increasing the total cost. Thus, the ratings will be affected with this cost value. If the cost is not overcome with the revenue and if the number of plates served is not high, the ratings will fall. This means rise in cost may cause fall in the total profit as well as the summated ratings regarding the restaurant meals. ANOVA df SS MS F Significance F Regression 1 2268776.545 2268777 59.91376 7.52E-08 Residual 23 870949.4547 37867.37 Total 24 3139726 In the ANOVA output, the value of F statistic is also significant. Therefore, the variances are compared between the two variables i.e. size of the restaurant and rent, has a low variability. This also indicates a direct relation between them. Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept (b0) 177.1208202 161.0042766 1.1001 0.28267 -155.942 510.1835 -155.942 510.1835 Size (b1) 1.065143906 0.137608412 7.740398 7.52E-08 0.780479 1.349809 0.780479 1.349809 The values of intercept are signified by the above results. The value of standard error is high. The t statistic is higher than 1, meaning a highly significant relationship between the variables (Draper, Norman and Harry Smith 2014). The p-value is low. The low value of p signifies the model to be more significant. Therefore, the overall data structure indicates a good fitted model on which the cost should be reduced in order to make profit in the restaurants as size of the restaurant directly affects the rent and thereby the fixed cost. Conclusion: The report has dealt with the Zagats publishes restaurant ratings for various locations in the United States. The file Restaurants contains the Zagat rating for food, dcor, service and the cost per person for a sample of 100 restaurants located in New York City and in a suburb of New York. The analysis on the data sets is done to determine the summated ratings and the costs of restaurant meals in the New York City and its surrounded areas. All the above data has indicated a positive relationship with the summated ratings in terms of cost of the restaurant. To eradicate or reduce the cost, the size factor should be taken into account, as the rise in size causes a rise in the cost. Moreover, the relationship between the plates served and the ratings are calculated which gives a clear picture that as there is more plates served, the ratings are high. As there is diversified population staying and wandering, many tastes and types of restaurant meals are available in the NYC. Therefore, t his report shows broadly with the data analysis that how the summated ratings of those restaurants are important in relation with the restaurant cost of meal. References: Cameron, A. Colin, and Pravin K. Trivedi.Regression analysis of count data. Vol. 53. Cambridge university press, 2013. Chatterjee, Samprit, and Ali S. Hadi.Regression analysis by example. John Wiley Sons, 2015. Draper, Norman R., and Harry Smith.Applied regression analysis. John Wiley Sons, 2014. Montgomery, Douglas C., Elizabeth A. Peck, and G. Geoffrey Vining.Introduction to linear regression analysis. John Wiley Sons, 2015.