Business Statistics

Statement of Problem:

• Our Company is hosting the annual shareholders conference in New York City
• We are hosting 50 VIP guests for 2 nights in the city
• We want to be seen as budget conscious while still providing a high quality experience

Purpose of the Study:

• To find the optimal amount to budget to provide a high quality experience while still being perceived as budget conscious
• Analyze the costs of hotels in New York City and find the ideal price range for our company

Research Question:

• What price range presents our company as budget conscious while still providing a high quality experience?

Hypothesis :

• If we stay within one standard deviation of 55, we can provide our VIPs with a quality experience without having to spend too much or too little of the companies money.

Methodology- Collection:

• With NYC hotel prices today having a mean of $217 and the book having a mean of $204, the mean is adequate. 
• Most amenities including wifi, pool/spa, parking, and kitchen/kitchenette can be found around the mean according to Kayak.com.
• Will focus on the set of range given from $3529 to $41.