11 Aug 2022

129

Household Annual Income: How Much Money Do You Need to Live Comfortably?

Format: Other

Academic level: University

Paper type: Math Problem

Words: 287

Pages: 4

Downloads: 0

Final essay summary of the analysis

The analysis performed provide a good overall representation of the characteristics of the visitors to the company. As the household annual income increases, the number of visitors to the resort increases. This could be due to surplus income that lead to increase in demand for recreational activities. There will be an apparent need for the company to add more recreational features.

Based on the statistical analysis, there are significantly more visitors who have completed Bachelor's Degrees in the careers of Admin, Military and Social Media. There were also significantly fewer visitors who have completed a secondary school degree of education. There were significantly more visitors who travel to the resort by flight and significantly fewer visitors who travel to the resort by local means. There were significantly more visitors who have high interest on the environmental issues. From the analysis, more visitors rely on television and radios as their source of information, but the current trend shows that visitors have started to adopt online sources to get information. The relevance of the patterns mentioned could show the general population of the company’s visitors are professionals. To further meet the visitor’s desire of adventure, the company should add luxury features which will bring a positive perception about the company.

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Although the statistical analysis of the company does not appear to be negative, because the household annual income appears to be increasing. The only way to really find out that the visitors’ perception is to measure some other personal preference characteristics that will provide analysis of how the visitors enjoy their stay at the resort. From the descriptive statistics, the standard deviation of the annual disposal income is close to the mean. This shows that the households have almost the same spending habits. Therefore, most of the visitors who visit the resort can afford the luxury features if the price is set to standard.

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StudyBounty. (2023, September 17). Household Annual Income: How Much Money Do You Need to Live Comfortably?.
https://studybounty.com/household-annual-income-how-much-money-do-you-need-to-live-comfortably-math-problem

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